Forbes magazine has struck reality TV star and entrepreneur Kylie Jenner from its list of billionaires, and accused her family of inflating the value of her cosmetics business.
Forbes said the family went to “unusual lengths” to present its youngest member as richer than she was.
In tweets, Jenner dismissed the article as “inaccurate statements and unproven assumptions lol”.
“I’ve never asked for any title or tried to lie my way there,” she wrote.
“I can name a list of 100 things more important right now than fixating on how much money I have,” she added.
what am i even waking up to. i thought this was a reputable site.. all i see are a number of inaccurate statements and unproven assumptions lol. i’ve never asked for any title or tried to lie my way there EVER. period
— Kylie Jenner (@KylieJenner) May 29, 2020
The move reverses the status Forbes conferred on Jenner in 2019, when it declared her a self-made billionaire.
The description sparked controversy, with critics scoffing at the “self-made” title and pointing to her upbringing as a Kardashian family reality TV star.
Forbes, which is known for its widely cited billionaire rankings, credited Jenner’s status to the success of her cosmetics company, which she founded in 2015 and which includes Kylie Cosmetics and Kylie Skin.
Kylie Jenner last year announced she was selling a 51% stake in the company to beauty giant Coty for $600m.
Forbes said the family’s accountant had provided it with tax returns that suggested the firm had done more than $300m in sales in 2016 and that publicists claimed sales of $330m the following year.
But information shared by Coty, which is publicly traded, showed Jenner’s firm is “significantly smaller and less profitable than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe”, Forbes said.
Coty’s presentation to investors about the business suggested the firm did only $125m in sales in 2018.
“If Kylie Cosmetics did $125 million in sales in 2018, how could it have done $307 million in 2016 (as the company’s supposed tax returns state) or $330 million in 2017?” Forbes asked in the article.
Despite the magazine’s downgrade, Kylie Jenner is hardly hurting.
Forbes said she pocketed $340m from the sale of her business. It now estimates her net worth at “just under $900m”.
Forbes writers have previously accused other would-be billionaires of inflating their riches, including US Commerce Secretary Wilbur Ross and President Donald Trump.
![Rev. Fr. Anthony Odiong, a US-based Nigerian Louisiana Catholic priest, was arrested in Florida on Tuesday for possessing child pornography, according to law authorities. The suspect is reportedly accused of many other cases of sexual assault. The Waco, Texas, Police Department announced in a Facebook post on Tuesday that officers detained Father Anthony Odiong in Ave Maria, Florida, with assistance from the United States Marshals Service. Waco police announced in March that they had received "credible information" about a sexual assault allegedly committed by Odiong in Texas in 2012. “During the subsequent investigation, a case of possession of child pornography was uncovered,” the police said. The priest was apprehended in Florida by the Caribbean Regional Fugitive Task Force. The Waco Police Department said that he will be extradited to Texas. Odiong had previously served in the Archdiocese of New Orleans before being removed as priest in December of last year due to controversy over homilies in which he claimed, among other things, that the Catholic Church was being taken over by "the gays." At the time, the priest was also accused of abusive behaviour; a Louisiana lady claimed in U.S. bankruptcy court that Odiong had committed both financial and sexual abuse against her. Prior to joining the New Orleans Archdiocese, Odiong served in at least two Texas parishes. On Tuesday, Waco police stated that during their sexual assault investigation, "the presence of other survivors was revealed." “Multiple women have come forward to tell similar experiences as the sexual assault survivor who reported the initial allegation,” the police department said. “Survivors’ experiences ranged from sexual assault and indecent assault, more commonly recognised as groping, and financial abuse, with some survivors experiencing every element of Anthony Odiong’s manipulation.” The police said they “believe there may be more survivors, and we wish to speak with anyone who [has] had similar encounters” with the priest. The Archdiocese of New Orleans issued a brief news release on Tuesday noting Odiong's arrest in Florida. The archdiocese “encourages anyone with any information to contact law enforcement,” the release said.](https://chronicle.ng/wp-content/uploads/2024/08/ezgif-6-4730550ede-450x300.jpg "Odiong: US-based Nigerian Catholic priest convicted over sexual assault")
