Another day, another scandal for one of America's most famous families. This time, the youngest member of the Kardashian-Jenner clan is facing a controversy surrounding her billionaire title.
On Friday, Forbes magazine -- which is known for its annual net worth ranking of the wealthiest personalities in the world -- has effectively stripped Kylie Jenner's billionaire status.
Kylie Jenner Net Worth
The bombshell Forbes story titled "Kylie Jenner's Web of Lies -- and Why She's No Longer a Billionaire" revealed that based on their investigations, Kylie had provided inaccurate information about her wealth. With that said, the media publication concluded that her net worth is at under $900 million, making her "not a billionaire."
"The business was never that big, to begin with, and the Jenners have lied about it every year since 2016-including having their accountant draft tax returns with false numbers-to help juice Forbes' estimates of Kylie's earnings and net worth. While we can't prove that those documents were fake (though it's likely), it's clear that Kylie's camp has been lying," the publication stated.
The business magazine also pointed out that the 22-year-old reality star has been "inflating the size and success of her business" to the news outlet "for years" to make her look like she was richer than she really is.
Forbes also mentioned that her brand Kylie Cosmetic "is significantly smaller and less profitable," noting filings released by publicly traded Coty.
To recall, the beauty mogul's cosmetic line sold a 51% stake to global beauty company Coty for $600 million.
Analysts even implied that the said deal between the reality star and the multi-million company will have a positive effect on the brand's position in the market, which could also help Coty grow faster than ever.
Kylie Jenner Lashed Out Forbes' Bombshell Report
On the other hand, Kylie clapped back at Forbes' shocking report contradicting her billionaire title.
The Kylie Skin founder took to Twitter to address the publication's claims and even questioned the magazine's competence to access billionaires' net worths.
"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 wrote.
She then followed with another tweet denying the accusation of Forbes regarding her "forged tax return."
“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. — Kylie Jenner (@KylieJenner) May 29, 2020
Last month, the business publication named the beauty mogul as the world's youngest self-made billionaire for two consecutive years, thanks to her cosmetic empire which was reportedly valued at $1.2 billion.
"I didn't expect anything. I did not foresee the future," Jenner told the publication. "But [the recognition] feels really good. That's a nice pat on the back."
Back in 2018, Kylie was declared as the youngest person in the world to be hailed as a billionaire at age 20.