Kylie Jenner’s Lawyer Demand Retraction From Forbes, Publication Stands By Its Allegations She Lied About Being A Billionaire
Update #2 (May 30th): Kylie Jenner’s lawyer has stepped in amid allegations from Forbes magazine that the reality star lied about being a billionaire.
Michael Kump released a statement on Kylie Jenner’s behalf and said Friday (May 29th),
“We have reviewed Forbes’ article accusing Kylie of engaging in deceit and a ‘web of lies’ to inflate her net worth. The article is filled with outright lies.”
“Forbes’ accusation that Kylie and her accountants ‘forged tax returns’ is unequivocally false and we are demanding that Forbes immediately and publicly retract that and other statements.”
Forbes has since responded to Kump and doubled down on its initial story:
“Today’s extensively-reported investigation was triggered by newly-filed documents that revealed glaring discrepancies between information privately supplied to journalists and information publicly supplied to shareholders. Our reporters spotted the inaccuracies and spent months uncovering the facts. We encourage the attorney to re-read the article.”
Original Story: An explosive report from Forbes Magazine, was recently released, alleging that their once heralded youngest billionaire in history – reality star-turned-beauty mogul, Kylie Jenner – lied about her finances to land the cover. To match the social media judgment placed upon her, Kylie Jenner’s mother and manager, Kris Jenner, is also being accused of pressuring Forbes to give her youngest child her 2018 cover.
Stephanie Wissink, Jeffries consumer product equity analyst, said this about the uber-famous Kardashian/Jenner siblings:
“It’s fair to say that everything the Kardashian-Jenner family does is over-sized. To stay on-brand, it needs to be bigger than it is.”
This is what Kris Jenner and Kylie Jenner are being accused of. In 2015, Kylie Jenner fessed up to getting lip filler injections to plump her pout, and reportedly spun the scandal into a multi-million dollar cosmetics company, Kylie Cosmetics. However, fresh off of the heels of Kim Kardashian’s Forbes cover – the magazine alleges that Kris Jenner pressured them to give Kylie her cover. In order to do so, they opened their books to Forbes‘ financial analysts which appeared to sport much larger numbers than what they, realistically, could have produced in profits. The article reads:
“Forbes was shown tax returns detailing $307 million in 2016 revenues and personal income of more than $110 million for Kylie that year. It would have been enough to put her at number two on the Celebrity 100 list, behind Taylor Swift, the accountant was quick to point out.”
The writer alleges that out of desperation to be perceived as mega-wealthy, Kylie Jenner’s story appeared in WWD, which is considered a staple fashion publication, boasting the numeric size of Kylie’s company. It read:
“There has been raging speculation about the size of her business, with guesstimates ranging from $50 million up to $300 million. Well, here’s the bad news for more-established beauty players: Jenner’s surpassed the higher figure with ease. Kylie Cosmetics actually has done $420 million in retail sales—in just 18 months—Kris Jenner revealed.”
Kylie Cosmetics’ historic Coty deal is also being questioned. Kylie reportedly sold the majority of her ownership for $600 million, but the recent Forbes article claims the dip in Coty stocks after the payout was made. Their analysts estimate that the company is only worth $340 million. And even then, Kris Jenner and company reportedly fabricated the number to $360 million. Stephanie Wissink added:
“I think everybody was surprised. The negative that came out of that announcement was that the business was a lot smaller than everybody had expected.”
Lastly, Forbes speculates that it could be Kris Jenner’s name on the checks linked to Kylie Cosmetics instead of her youngest daughter. Coty’s agreement lists “KMJ 2018 Irrevocable Trust,” which analysts say was created way after Kylie Jenner’s 18th birthday, to which sales go to. In short, financial analysts deduce that Kylie Jenner may have garnered a billion dollars at some point, but she is not a billionaire.
Kylie caught wind of Forbes’ claims, and slammed the publication with a series of tweets:
“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…even creating tax returns that were likely forged” that’s your proof? so you just THOUGHT they were forged? like actually what am i reading…”
She added that handling this isn’t a priority for her.
“but okay i am blessed beyond my years, i have a beautiful daughter, and a successful business and i’m doing perfectly fine…i can name a list of 100 things more important right now than fixating on how much money i have”
Do you think Kris and Kylie Jenner have been lying about their financial status? Let us know in the comments.