Kylie Jenner Is No Longer a Billionaire, According to Forbes

Kylie Jenner is reportedly no longer a billionaire—and that's just the first of many bombshell allegations in a new story out from Forbes. The publication is also claiming that Kris Jenner, Kylie, and their team made Kylie Cosmetics out to be a bigger, more profitable business than it actually ever was.

You'll remember that, back in March 2019, the magazine declared Jenner the world's "youngest self-made billionaire," and it's now claiming she's not worth that much as of May 2020. Before we get into the nitty-gritty details, let's just say that Jenner is still extremely rich—but exactly how rich is in question.

Here's the deal: In January, Jenner sold 51% of Kylie Cosmetics to big-time beauty company Coty for $600 million, which would have put a value on the brand at around $1.2 billion. Because Coty is publicly traded, certain financial documents and records must be disclosed. Some of the numbers that become public, according to Forbes, did not match up with those given to them at earlier dates by Kylie's team (including Kris).

"Revenues over a 12-month period preceding the deal: $177 million according to the Coty presentation—far lower than the published estimates at the time,” reads the Forbes report. “More problematic, Coty said that sales were up 40% from 2018, meaning the business only generated about $125 million that year, nowhere near the $360 million the Jenners had led Forbes to believe. Kylie’s skin-care line, which launched in May 2019, did $100 million in revenues in its first month and a half, Kylie’s reps told us. The filings show the line was actually 'on track' to finish the year with just $25 million in sales."

The piece also quotes an equity analyst who was on the call during which the financial reports were disclosed. “I think everybody was surprised,” Stephanie Wissink said. “The negative that came out of that announcement was that the business was a lot smaller than everybody had expected."

Forbes alleges in the story (in great detail) that Kris Jenner was very focused on getting her daughter to the top of the Forbes earnings list, and the publication claims the Jenners may have shown inflated sales and growth numbers, but cannot prove that accusation. It also claims that Kylie owns only an estimated 44.1% of Kylie Cosmetics and not 49% as previously believed, leaving the rest in a trust allegedly controlled by Kris. This matters as a factor into Kylie's net worth.

Based on the information laid out in the lengthy reported piece, Forbes says it recalculated that net worth and "a more realistic accounting of her personal fortune puts it at just under $900 million, despite the headlines surrounding the Coty deal that seemed to confirm her billionaire status." The publication says a third of that is the "estimated $340 million in post-tax cash she would have pocketed from selling a majority of her company" and the rest is based on "revised earnings based on her business’s smaller size and a more conservative estimate of its profitability, plus the value of her remaining share of Kylie Cosmetics—which is not only smaller than the Jenners led us to believe but is also worth less now than it was when the deal was announced in November, given the economic effects of the coronavirus."

Kris Jenner has yet to comment on the Forbes story and its allegations. Coty did not to comment to Forbes prior to publication. Kylie meanwhile responded to the allegations on Twitter, stating that the piece contained "a number of inaccurate statements and unproven assumptions." You can read her responses below in full:

This story has been updated to include Kylie Jenner's response.

Originally Appeared on Glamour