Hook
More breakout videos from this creator.
Remember when Kylie Jenner scammed Forbes into thinking she was a self-made billionaire? In 2018, Forbes put Kylie Jenner on the cover of their America's Richest issue, saying that she was on track to become the youngest self-made billionaire ever. People had a lot of issues with the words "self-made," which Forbes argued they were able to use because she didn't inherit Kylie Cosmetics or businesses that she started. "None of the money I've ever made is inherited, so it's technically true," Kylie contended in a Who What Wear interview published Aug. 27, "but people just feel like the privilege I've had was a major stepping stone." But people were really annoyed at the fact that they were started, obviously, by inheriting a lot of fortune and fame from her family. When Kris Jenner's on your side, let's say you get some strings pulled for you. 2019, Forbes doubled down and issued another article with Kylie Jenner saying that she actually became the youngest self-made billionaire. They said that they had reviewed documents from Kylie's team to verify it. The thing is, Kylie Cosmetics was a private company. Only so much information you have when a company is privately traded. The tea spills out when Coty, a public company, buys 51% of Kylie Cosmetics for about $600 million. So when you're acquired by a large company, you have to release all your financial disclosures. And this is when Forbes was like, "Wait, did we get duped?" Kylie Jenner's team allegedly told Forbes, when it announced its deal with Kylie Cosmetics, disclosed 2018 sales of $125 million, roughly one-third of the 2016 figure. The company said the sales, including the skincare business, reached $200 million in 2019. Making 360 million at a time where it was actually $125 million, according to public disclosures. Forbes was defending the last minute, because them not being able to verify this makes them look bad. Eventually, they come out with an article saying, "Inside Kylie Jenner's Web of Lies - and Why She's No Longer a Billionaire." Essentially in that article, they alleged that Kylie Jenner and her team, you know, Kris Jenner, in my opinion, some potentially forged tax documents to support these financial claims. At the end of the day, it's clear that Kylie Jenner did not actually achieve that title. In my opinion, in this story, the scam is on both sides. Kylie Jenner potentially trying to inflate her net worth, especially at the time, to get this or this type of acquisition or her products. Kylie Jenner on their covers to get more controversy. Essentially using each other and probably in the end, they both got what they wanted. It's all smoke and mirrors, honey.