22-year-old American Reality TV star, Kylie Jenner, is no longer a billionaire, Forbes is reporting.
She was named last year by Forbes as “The Youngest Self-Made Billionaire Ever.” Jenner had made millions from her company, Kylie Cosmetics, which she later sold a 51% stake to the beauty company Coty in a deal that valued her company at $1.2 billion.
But Forbes is now reporting that Jenner and her mother, Kris Jenner, inflated their wealth in documents they provided to the publication. “It’s clear that Kylie’s camp has been lying,” Forbes reported.
Among a list of discrepancies, the publication said the Jenners had previously told them Kylie’s cosmetics company had $360 million in sales in 2018, but a Coty presentation showed revenues were actually closer to $125 million that year.
In addition to the adjusted estimates for Kylie Cosmetics’ revenues, Forbes accounted for the impact of the coronavirus pandemic on cosmetics companies, as Kylie still owns part of the company.