Skip to main content

This is why Kylie Jenner is no longer a billionaire

Reality star Kylie Jenner isn’t a billionaire after all, Forbes magazine said Friday as it accused the reality TV star’s family of “inflating the value of her cosmetics business for years.”

Forbes declared the 22-year-old a billionaire in March 2019 owing to the popularity of her Kylie Cosmetics brand but has removed her from their list, citing new information.

Jenner sold a 51 percent stake in her brand to beauty giant Coty in January for $600 million in a deal that valued the company at $1.2 billion.

Forbes said in an article published on its website that the fine print of the deal reveals that the business is “significantly smaller and less profitable” than they were led to believe.

It also accused the famous family, of which Kylie is the youngest member, of creating tax returns that were “likely forged.

“(The) unusual lengths to which the Jenners have been willing to go… reveals just how desperate some of the ultra-rich are to look even richer,” the magazine wrote.

It said the new information and the impact of COVID-19 on beauty sales led them to believe she is not a billionaire, even although she pocketed an estimated $340 million after taxes from the sale.

She’s not far off though: Forbes estimates that Jenner’s personal fortune is just under $900 million.

Jenner hit back at the magazine on Twitter, accusing it of “a number of inaccurate statements and unproven assumptions.”

“I’ve never asked for any title or tried to lie my way there EVER. period,” she wrote



from SAMAA https://ift.tt/2MaS7Gm
Labels:

Comments

Post a Comment

Popular posts from this blog

Trump says he urged team to ‘slow’ COVID-19 testing

US President Donald Trump said Saturday he was encouraging health officials in his administration to slow down coronavirus testing, arguing that increased tests lead to more cases being discovered. The president has claimed falsely on several occasions that surges of COVID-19 in several states can be explained by greater numbers of diagnostic tests. At his first rally since the outbreak forced nationwide shutdowns in March, Trump told the crowd in Tulsa, Oklahoma that testing was a “double-edged sword.” The United States — which has more deaths and cases than any other country — has carried out more than 25 million coronavirus tests, placing it outside the top 20 countries in the world, per capita. “Here is the bad part: When you do testing to that extent, you are going to find more people, you will find more cases,” Trump argued. “So I said to my people ‘slow the testing down.’ They test and they test.” It was not clear from Trump’s tone if he was playing to the crowd, who ...
Post a Comment
Read more

IT ministry forms panel to review social media rules

ISLAMABAD: While uproar against the new rules to regulate social media continues from various segments of society, including parliamentarians, the Pakistan Federal Union of Journalists (PFUJ) and civil society, the information technology ministry on Friday formed a committee to review the rules. The federal cabinet approved the rules on Feb 11, but later after opposition from various quarters, including companies that manage different social media platforms, the prime minister announced that a fresh consultation process would be launched over the Citizens Protection (Against Online Harm) Rules 2020. The committee formed by the IT ministry is headed by Pakistan Telecommunication Authority Chairman Amir Azeem Bajwa while its members are Eazaz Aslam Dar, additional secretary of IT; Tania Aidrus, member of the Strategic Reforms Imple­mentation Unit, Prime Minister Office; and Dr Arslan Khalid, focal person on digital media at the PM Office. Federal Minister for Human Rights Dr Shireen Ma...
Post a Comment
Read more

IS confirms Baghdadi’s death, vows revenge

Abu Bakr al-Baghdadi.—AP BEIRUT: The Islamic State militant group confirmed the death of its leader Abu Bakr al-Baghdadi in a statement on Thursday and named his replacement as Abu Ibrahim al-Hashimi al-Quraishi. “We mourn you ... commander of the faithful,” said Abu Hamza al-Quraishi — presented as the group’s new spokesman — in an audio statement. Baghdadi, who led IS since 2014 and was the world’s most wanted man, was killed in a US special forces raid in Syria’s province of Idlib on Sunday. The group also confirmed the killing in another raid the following day of the group’s previous spokesman Abu Hassan al-Muhajir. The statement said the group’s legislative and consultative body convened after the 48-year-old Iraqi-born jihadist chief’s death. “The Islamic State shura council convened immediately after confirming the martyrdom of Sheikh Abu Bakr al-Baghdadi, and the elders of the holy warriors agreed” on a replacement, said the seven-minute message. Little is known abou...
Post a Comment
Read more