Last year, Forbes claimed the owner of Kylie Cosmetics is the “youngest self-made billionaire.” In January and in some Forbes-inspired-prophecy, Jenner then sold 51 percent of her company to beauty giant Coty in January, for a whooping $1.2 billion USD. But, in a recent in-depth report on the 22-year-old beauty mogul entrepreneur, Forbes claimed she falsified her tax reports and is “pocketing an estimated $340 million after taxes.” This, they argue, would mean that, actually, she’s not a billionaire after all.
"A more realistic accounting of her personal fortune puts it at just under $900 million, despite the headlines surrounding the Coty deal that seemed to confirm her billionaire status,” Forbes’s Chase Peterson-Withorn and Madeline Berg wrote.
So, uh, what does this all mean? Well, lying about your wealth to the government is a serious offence. And, while Beverly Hills criminal defense attorney Adam Michael Sacks thinks it’s “highly unlikely” she did it, if the allegations are true, Jenner could face “serious jail time.”
“When people lie on their tax documents, it’s typically to claim they made less than they did to pay less,” Sacks explained to The Sun. “It would be bizarre for her to overstate her wealth to appear to have more.”
“It’s absolutely possible someone said to her ‘let’s massage a little here and massage a little there’ when speaking to Forbes. But, it’s very hard to believe she forged tax documents to the IRS [International Revenue Service].”
In the same recent story, Forbes claimed that “Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets to believe.”
Late last month, the KUWTK star called out Forbes for what she “thought was a reputable site,” mentioning that the statements are a total reach.
“What am I even waking up to,” she tweeted. “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.”
“I can name a list of 100 things more important right now than fixating on how much money I have,” she continued. “But okay, I am blessed beyond my years. I have a beautiful daughter, and a successful business and I’m doing perfectly fine.”
May we suggest, Miss Jenner, you turn some of that wealth towards organisations protesting for and supporting the lives of black people of colour and against the systemic racism against BIPOC right now? Idk, just a suggestion...