A recent article in Forbes magazine stripping reality star Kylie Jenner of her billionaire status has stirred trouble in the family, according to cosmopolitan.com on Sunday (May 31).
The article, titled Inside Kylie Jenner’s Web of Lies — And Why She’s No Longer A Billionaire, claimed that she had inflated her personal wealth and forged her tax returns. Her mother, Kris, has been implicated in inflating her wealth and now Kylie is furious with her and not taking her calls, according to The Sun.
It seems that Kris is in panic mode as she gets 10 per cent of her daughter’s deals. Kylie will not answer calls from Kris and is having trouble trusting anyone. On the other hand, Kris is scared that her daughter could fire her or cut her off so there has been a lot of pressure. Both mother and daughter appear to be worried and are afraid that the magazine’s claim will hurt their brand and get them in trouble with the government.
Kylie, who founded Kylie Cosmetics, hit back at Forbes on Twitter. Other than that, she has not spoken much about the ordeal. She said there were inaccurate statements and unproven assumptions. The beauty mogul went on to say that she never asked for any title or tried to bluff her way there. Kylie then questioned the magazine’s credibility when it claimed that the tax returns were forged.
According to Forbes, Kylie Cosmetics was “significantly smaller and less profitable than the family has spent years leading the cosmetics industry and media outlets to believe”. This was based on looking at documents from Coty, a conglomerate that purchased 51 per cent of the cosmetics brands in November last year.
The magazine also projected that the reality star’s net worth was just under US$900 million (S$1.2 billion). With that new net worth, Kylie is no longer world’s youngest billionaire. /TISG