As the truth unfold on Friday, we summarise the update on Forbes’ report and Kylie Jenner’s response to Forbes.

March 2019
21-year-old Kylie Jenner appeared on cover of Forbes magazine as the youngest self-made billionaire. Her four-year-old Kylie Cosmetics was reportedly on track to earn $900 million in sales.

November 2019
Coty Inc. agreed to purchase 51% of Kylie Cosmetics for $600 million, bringing the total valuation of Kylie Cosmetics to $1.2 billion.

Friday, 29 May 2020
Forbes backtracks Jenner’s billionaire status after it reviewed financial data Coty released. The data shows that Kylie Cosmetics generated about $125 million sales in 2018, nowhere near $360 million the company had led Forbes to believe.

Launched in May 2019, Kylie’s skincare line was on track to finish the year with $25 million in sales, but the company’s rep claimed it made $100 million within its first month and half.

There are a lot of discrepancies between document from Jenner’s accountant and Coty’s financial data. Kylie Cosmetics tax returns stated that the company made $307 million in 2016 and $330 in 2017. Data from Coty revealed that Kylie Cosmetics’ revenues over 12-month period preceding the deal was $177 million.

According to Forbes, “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. While we can’t prove that those documents were fake (though it’s likely), it’s clear that Kylie’s camp has been lying.”

Kylie Jenner responded to Forbes’ article on Twitter, “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.”

Shares of 116-year-old Coty Inc. tumbled after Forbes published Kylie Cosmetics misleading financial information. The stock dropped 13% to $3.63 on Friday, extending its 2020 decline to 68%.

Forbes recalculated Jenner’s net worth and concluded her net worth is well below $900 million. More than a third or $340 million is her earnings from selling majority stakes of Kylie Cosmetics.