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Kylie Jenner is not a billionaire, according to Forbes

Forbes magazine did a follow-up to their 2019 piece titled “Inside Kylie Jenner’s Web of Lies — And Why She’s No Longer a Billionaire.” In the new article Forbes alleged that Kylie and her team could have been inflating the success of their beauty business over the years. Kylie has already turned to Twitter to express her concerns and deny the accusations, calling the story “inaccurate.”

Forbes said that an examination of financial filings after the reality star and beauty mogul sold a majority share in her cosmetics company revealed that Jenner’s worth was inflated. Jenner sold 51% of her Kylie Cosmetics company to Coty in a deal valued at $1.2 billion early this year.

“Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe,” the magazine said in the story. “Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after taxes from the sale, is not a billionaire.”

Jenner’s attorney Michael Kump said in a statement shared with PEOPLE “Forbes’ accusation that Kylie and her accountants ‘forged tax returns’ is unequivocally false and we are demanding that Forbes immediately and publicly retract that and other statements. It is sad that, of all things, Forbes has devoted three reporters to investigate the effect of the coronavirus crisis on Kylie’s net worth”

The Forbes story acknowledges that the coronavirus crisis and its effect on the cosmetics industry has hurt her net worth. But it says it is “likely” that the “business was never that big to begin with, and the Jenners have lied about it every year since 2016 — including having their accountant draft tax returns with false numbers — to help juice Forbes’ estimates of Kylie’s earnings and net worth.”

The magazine said it cannot prove the documents were forged.

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