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Forbes Revokes Kylie Jenner’s Billionaire Status, Accuses Her Of Inflating Her Income

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Kylie Jenner’s billionaire tag has been struck out by Forbes, months after being dubbed the world’s youngest billionaire.

Recall that in March 2019, the reality show star unseated Facebook’s Mark Zuckerberg, then 35, as the youngest-ever self-made billionaire (he was 23 when he made his first billion 11 years ago in 2008).

Forbes revokes Kylie Jenner

Forbes has now revoked the 22-year-old’s billionaire status, and also accused her of ‘lying about company figures and forging tax returns’ to reach the billionaire status in its report titled “Inside Kylie Jenner’s Web of Lies — and Why She’s No Longer a Billionaire”

The American business magazine which reviewed filings from Coty, the beauty giant which the mother of one sold 51 percent of her Kylie Cosmetics to in a deal valued at $1.2 billion in January 2020, found that Kylie’s beauty company “is significantly smaller, and less profitable than the family has spent years leading the cosmetics industry and media outlets to believe”.

Forbes revokes Kylie Jenner

Forbes further revealed that the numbers the Kardashian-Jenner family gave for Kylie Cosmetics were questionable, especially after comparing them to the numbers following Coty’s acquisition.

With this new information and the COVID-19 pandemic, Kylie’s net worth is now according to their calculations “just under $900 million.”

Forbes revokes Kylie Jenner

The report read;

“More than a third of that is the estimated $340 million in post-tax cash she would have pocketed from selling a majority of her company.

“The rest is made up of 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.

“Revenues over a 12-month period preceding the deal: $177million according to the Coty presentation, far lower than the published estimates at the time.

“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 skincare 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.”

Stephanie Wissink, an equity analyst covering consumer products at Jefferies told Forbes;

“It’s fair to say that everything the Kardashian-Jenner family does is oversized. To stay on-brand, it needs to be bigger than it is.”

Forbes added that when they reached out to the Kardashian-Jenner family with “questions” on Kylie Jenner’s personal fortune which sits at just under $900 million (with more than a third of her earnings coming from the Coty sale), they stopped answering.

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Stop Hating On Rich Kids, Blame Your Lazy Parents : Famous Kenyan Socialite Fumes

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Huddah Monroe, Kenyan socialite has bluntly addressed people who hate on rich kids asking them to blame their parents for not being smart.

In a harsh yet profound post on her Instagram story, the entrepreneur who never shies away from speaking her mind submitted that rich kids are ridiculed unfairly by children who grew up around little.

In her opinion, rich kids have their parents to thank for making smart moves to secure their future unlike children from poor homes.

Her post read, ”People who hate on rich kids. Blame your parents for not planning and being lazy and thinking children are a blessing! Kids are not a blessing. They are a burden if you can’t afford them.”

See below.

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Burna Boy’s Girlfriend Stefflon Don Shows Love To Shatta Wale Despite Dissing Her Boo

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SteffLon Don has shown her love for Shatta Wale as she was seen jamming to Shatta’s unreleased song featuring herself in a video posted on Instagram.

The song is titled Michellin Star and it’s expected to be on the upcoming Shatta movement studio Album tagged the famous Gift Of God.

The song was recorded in the spiritual Shatta movement recording studio tagged Da maker studio a few months ago and many claimed that the record belongs to the UK star SteffLon don but she denied saying it belongs to Shatta Wale.

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Kwaw Kese Asks Shatta Wale To Deliver A Message To Burna Boy After He Said He Was Going To Nigeria

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On January 20, 2021, Shatta Wale took to Twitter to reveal that he’s taking a quick trip to Nigeria so his fans should wish him luck.

Soon after his tweet, fellow rapper Kwaw Kese has given him a piece of a message to deliver on his behalf to Burna Boy.

The rapper asked Shatta to greet Burna for him. “Greet Burner Boy for me”, he wrote with laughing emojis.

Below is a tweet of their interactions:

image 2021 01 21 124417

Shatta Wale and Burna Boy’s bromance took a nose dive after the former accused the latter of being an ungrateful person in an Instagram live.

The Shatta Movement president stated that he was the one who was there for the Nigerian musician when he was struggling to reach the top.

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