Are all billionaires ‘true billionaires’ or do they lie about their status? Well, that’s the question that a number of people have been asking ever since Kylie Jenner’s demotion from billionaire status emerged. According to the Daily Mail, the claimed-to-be ‘self-made’ billionaire could even face jail time for lying about her company’s value.
Kylie Jenner is one of the Kardashian sisters and has been a reality star since her young years. She, however, made her fortune through her cosmetics company, Kylie Cosmetics, that she established in 2015.
But is her kingdom all that cracked up to be? And for what reason would someone like Kylie lie about what her company brings in? Those are questions that still linger in the brains of most followers and analysts alike. Find out more about Jenner’s billionaire status and if it’s everything she says it is.
How Was the Status Established?
The first thing is that you want to know when you heard of the young billionaire’s plight is just where it all began. Of course, you already know she’s part of a reality TV show ‘Keeping up with the Kardashians” with her parents and siblings.
She, however, made her wealth through her own cosmetics company. She reported that within the first 18 months of her company being established, it brought in $400 million in revenue. She later on, in November 2019, sold a majority of her shares (51%) in the company to Coty Inc.
Now, Coty Inc., a beauty conglomerate, bought the shares of the company for a whopping $600 million. That, in turn, valued the worth of the company to around $1.2 billion. That, together with the wealth she amassed starring in reality shows, “Keeping up with the Kardashians and “Life of Kylie”, made her a ‘billionaire.’
When It All Went Wrong
The status of the youngest ‘self-made’ billionaire comes with a number of people who want to ruin it for her. Even before the allegations that she lied about what her company was making, it was claimed that she wasn’t ‘self-made’. The ‘self-made’ part comes from an idea that you have to come from nowhere, for most people.
Kylie, on the other hand, was already a star on the rise with the reality shows she has been starring in. That’s a debate for another day, as Forbes, a world renowned and reputable magazine labeled her a ‘self-made’ billionaire.
But, was Forbes too eager with their revelation about the younger Kardashian? It seems she lied about what her company made from Forbes perspective at the moment. They [Forbes] claim that the young star forged the tax returns she gave them in 2016.
Forbes alleges that the company Kylie Cosmetics never made the amount Kylie claims they had over that time. They managed to conduct an investigation into the true worth of Kylie this year and she was bumped off the billionaire status. She, however, is still worth a lot of money despite not being a billionaire any more.
Kylie’s Net Worth
The question now is how much is Kylie Jenner’s actually worth? Though she claims to have been cut off from her family wealth since she was 15 years old, she has appeared in all the “Keeping up with the Kardashians” shows since she was 9 years old. The show is rumored to bring the family at least $30 million every season it’s aired.
She earns and has been earning from it since she appeared. That coupled with her company and her other streams of income she’s worth hundreds of millions. Forbes, in May, ranked her wealth at under $900 million currently. A huge chunk of that comes from the shares she has with Kylie’s Cosmetics.
Was Kylie’s Billionaire Status Built on False Grounds?
Well, from what’s currently happening and with Forbes, a reputable magazine downgrading her, maybe Kylie billionaire status was all it was cracked up to be. She does, however, still have a lot of time to build her status up. And at $900 million, she isn’t far off the billionaire status.
Despite her uproars on Twitter lately due to her demoted status, Forbes maintains that she lied and she’s no longer a billionaire. However, it isn’t as bad as it seems for her as she still a multi-millionaire, even according to Forbes.