FULL STORY: Kylie Jenner crashes out of Forbes billionaires league
chuks oti
May 29, 2020
Cosmetics mogul, #KylieJenner has dropped out of the billionaires league, according to a report by Forbes.
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Forbes downgraded the youngest of the Kardashian-Jenner clan after it stumbled on the filings by publicly quoted Coty, which bought 51 per cent of Kylie Cosmetics.
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Kylie only pocketed $340million, contrary to reports that she pocketed $1.2billion.
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Forbes also said the business is worth far less than it claimed and even less profitable.
"Based on this new information-plus the impact of COVID-19 on beauty stocks and consumer spending-Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after tax from the sale, is not a billionaireÔÇØ, Forbes declared.
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Forbes had declared Kylie a billionaire since 2019.
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It's review today not only downgraded her but also compared her fabled billions to Donald Trump's. .
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"Of course white lies, omissions and outright fabrications are to be expected from the family that perfected-then monetized-the concept of "famous for being famous.ÔÇØ
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"But, similar to Donald Trump's decades-long obsession with his net worth, the unusual lengths to which the Jenners have been willing to go-including inviting Forbes into their mansions and CPA's offices, and even creating tax returns that were likely forged-reveals just how desperate some of the ultra-rich are to look even richer.
"It's fair to say that everything the Kardashian-Jenner family does is oversized,ÔÇØ says Stephanie Wissink, an equity analyst covering consumer products at Jefferies.
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"To stay on-brand, it needs to be bigger than it is.ÔÇØ
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— chuks oti