In super rich people’s news, FORBES magazine wrote an extensive article blasting “Keeping Up With The Kardashian’s” social media superstar, Kylie Jenner, for lying about her billionaire income.
In the article the Forbes writer completed obliterated Kylie’s billionaire status, while giving us great insight to the world of fame and gain.
“So when the youngest of the clan, Kylie Jenner, sold 51% of her Kylie Cosmetics to beauty giant Coty in a deal valued at $1.2 billion this January, it was a watershed moment for the family. One of the greatest celebrity cash-outs of all time, the transaction seemed to confirm what Kylie had been saying all along and what Forbeshad declared in March 2019: that Kylie Jenner was, indeed, a billionaire—at least before the coronavirus.
“Kylie is a modern-day icon, with an incredible sense of the beauty consumer,” Coty chairman Peter Harf gushed when announcing the acquisition in November.
But in the deal’s fine print, a less flattering truth emerged. Filings released by publicly traded Coty over the past six months lay bare one of the 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, including Forbes, to believe.
But, similar to Donald Trump’s decades-long obsession with his net worth, 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—reveals just how desperate some of the ultra-rich are to look even richer.
“It’s fair to say that everything the Kardashian-Jenner family does is oversized,” says Stephanie Wissink, an equity analyst covering consumer products at Jefferies. “To stay on-brand, it needs to be bigger than it is.”
Based on this new information—plus the impact of Covid-19 on beauty stocks and consumer spending—Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after taxes from the sale, is not a billionaire.
Kylie quickly responded with a succession of Tweets:
Honestly, you HAVE TO read the article for yourself, if you are called to greatness.
This story of smoke and mirrors is quite fascinating.
In wealthy land this is embarrassing for Kylie. However elites never accepted the Kardashians. Their market is black america.
Therefore, learning that Kylie ONLY made $340 Million in profit, doesn’t hurt her reputation. After all, millionaires are not buying Kylie’s products, kids and non-wealthy consumers are.
I am quite certain that Kylie feels the press and the elevated status she received from the article was more than worth it.
With the Kardashian’s being the master manifestos they are, my only question is what block is stopping Kylie from actually hitting the billionaire mark?
A person has to ask themselves, what is the dollar sign truly all about?
And to the investor, only Welvin Da Great could say it properly.