Despite Kanye West publicly congratulating his wife Kim Kardashian on becoming a billionaire after Coty acquired a 20 percent stake in KKW Beauty for $200 million, Forbes is making it clear that Kim isn’t actually a billionaire yet. She’s close though, now estimated to be worth about $900 million. (That puts her slightly above her sister Kylie Jenner, who Forbes reported earlier this year is worth “just under $900 million.”)
Forbes writes the deal values KKW Beauty at $1 billion, so at the very least Kim started a billion-dollar business. The outlet estimates that Kim has a 72 percent stake in the company now (majority ownership) and that her mother Kris Jenner owns an 8 percent stake.
The publication recently revoked Kylie’s youngest billionaire title, writing that her company Kylie Cosmetics “is significantly smaller, and less profitable than the family has spent years leading the cosmetics industry and media outlets to believe” after reviewing filings from Coty. Jenner sold a 51 percent stake of her company to the beauty company; Coty is publicly held. Forbes reported in its piece about Coty acquiring KKW Beauty that the company has struggled in recent years and that its stock prices have fallen nearly 60 percent since the beginning of this year, amid the coronavirus pandemic.
In its feature explaining why Jenner isn’t actually a billionaire, Forbes spelled out the great lengths that the Kardashian-Jenners went to convince people of their wealth. It reports that the family invited the outlet “into their mansions and CPA’s offices, and even creating tax returns that were likely forged.”
Kylie denied her family forged tax returns, responding to Forbes‘ piece on her Twitter. Jenner wrote in a series of tweets, “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.”
“’Even creating tax returns that were likely forged’ that’s your proof?” Kylie continued. “So you just THOUGHT they were forged? like actually what am i reading.”
Kim has not responded to Forbes‘ article about her net worth yet. She did like West’s Twitter tribute to her though celebrating her “billionaire” status.
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