The Truth About Kylie Jenner's Net Worth Scandal
When it comes to the Kardashian-Jenner family's impressive finances, it's almost impossible not to be fascinated thanks to all of the drool-worthy details (luxury vacations, oodles of designer duds, etc.) they're lucky enough to enjoy as a result. It's also arguably difficult to figure out what's true and what's false when it comes to their enviable funds, and that includes the ins and outs of Kylie Jenner's formidable fortune.
Although you might be wondering how Kylie got so rich in the first place — answer: TV deals, brand endorsements, and running a record-breaking, profitable cosmetics company, among other lucrative endeavors — the only thing you really need to know is that she's super-rich. But just how wealthy is she? Is she a millionaire? Is she a billionaire? Is she on her way to becoming a trillionaire?
Answering that question might be a little tough in light of new allegations regarding Kylie Jenner's true net worth.
Kylie Jenner's camp is accused of forging tax docs
Kylie Jenner enjoys the kind of lifestyle that requires a fortune to fund — have you seen her massive, resort-like house?! Fortunately for the star, in January 2020, Coty purchased "51% of Kylie Cosmetics for $600 million, effectively valuing the business at about $1.2 billion," which Forbes notes was "a watershed moment for the family" and "[o]ne of the greatest celebrity cash-outs of all time." It also "seemed to confirm what Kylie had been saying all along and what Forbes had declared in March 2019: that Kylie Jenner was, indeed, a billionaire." However, that might not be true.
A "less flattering truth emerged" in May 2020 due to "filings released by publicly traded Coty" which supposedly "lay bare one of the [Kardashian-Jenner] family's best-kept secrets: Kylie's business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets ... to believe."
Forbes also claims that this shows "the unusual lengths to which the Jenners have been willing to go — including inviting Forbes into their mansions and CPA's offices, and even creating tax returns that were likely forged."
As for Kylie's true net worth? The outlet believes she has "just under" $900 million.
Considering Forbes alleged that the powerful family is willing to go to great lengths when it comes to money matters, it probably didn't surprise many that Kylie was quick to get on top of the situation.
Kylie Jenner clapped back at the 'unproven assumptions' about her money
Following Forbes' claims regarding Kylie Jenner's net worth, the star took to Twitter to respond to the buzz, writing, "What am I even waking up to. I thought [Forbes] 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."
The star then broke down the accusations, writing, "Even creating tax returns that were likely forged' that's your proof? so you just THOUGHT they were forged? like actually what am I reading[?]"
However, after Kylie acknowledged that she's "blessed beyond [her] years" — "I have a beautiful daughter, and a successful business and I'm doing perfectly fine" — she seemingly brushed off the situation. "This is literally the LAST thing I'm worried about right now," she tweeted, adding, "I can name a list of 100 things more important right now than fixating on how much money I have."
Although that could have been the end of the budget-focused brouhaha, it turns out that Kylie wasn't taking things as lightly as her final tweets made it seem.
Kylie's attorney responded to the 'outright lies' about the star
If there's one thing that fans of the Kardashian-Jenner family know well, it's that they're a force to be reckoned with. Kylie Jenner proved that to be true yet again when Forbes accused her of forging financial documents to allegedly make her company appear to be more successful than it was, and, in turn, make her seem like she was richer than she is. After the star blew off some steam about the situation on social media, her legal team issued a fierce statement in response to the allegations.
"We have reviewed Forbes' article accusing Kylie of engaging in deceit and a 'web of lies' to inflate her net worth," Kylie's attorney, Michael Kump, told TMZ. "The article is filled with outright lies."
Kump continued by asserting that "Forbes' accusation that Kylie and her accountants 'forged tax returns' is unequivocally false," and he "demand[ed]" that the publication "immediately and publicly retract" its statements. He added, "We would not expect that from a supermarket tabloid, much less from Forbes." Your move, Forbes.
So, what happens next with this Kylie net worth scandal?
Although Kylie Jenner has denied any wrongdoing on Twitter and slammed the outlet for the piece, it's possibly taking a toll on her and her family. For example, an anonymous source claimed to The Sun, "Kris — who reportedly gets ten percent of Kylie's deals — is in panic mode. Kylie won't answer the phone for Kris and is at a loss over who to trust. Kris is petrified Kylie could sack her or cut her off so tensions are at an all-time high."
Of course, it's always hard to tell whether sources are actually privy to the family's emotional state, but Kylie does have reason to be a little worried, even if she's done nothing wrong. According to what Jan Handzlik, who served five years as a federal prosecutor in Los Angeles, told the Daily Mail, the Forbes article could lead to the Security and Exchange Commission opening an informal inquiry into the matter and possibly, eventually a formal investigation, which would allow them to subpoena documents to review.
Even if there's nothing criminal going on, an investigation could still be costly and cumbersome for Kylie — and also cost her more money when it comes to hiring lawyers to help her defend herself against the claims. (Not to mention having to deal with her momager!)