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June 08, 2020

US Weekly: Kylie Jenner Bought Private Jet before Forbes Dropped Her from Billionaires List

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Many may not know this, but leading up to the saga between TV star Kylie Jenner and Forbes, was the major spending spree that saw her shed millions of dollars.

Last month, Forbes came out with a series of accusations against media personality Kylie Jenner. This resulted in her losing the "Youngest Self-made billionaire" title; she was awarded last year.

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JENNER MADE SOME SPLURGES 

Months before Forbes came out with the allegations, the "Kylie Cosmetics" founder made some extravagant spending on several luxury items. In April, Kylie copped a sprawling Los Angeles mansion worth $36.5 million. 

The "KUWTK" star purchased a $15 million empty lot in Hidden Hills. An insider revealed to US Weekly that the 22-year-old also obtained a private jet. She reportedly splurged on some luxury crystal purses for her siblings on Mother's Day cooked with spending $1 million on providing COVID-19 relief materials.

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THE ACCUSATIONS 

Forbes stated that the youngest Jenner had lied about her business profit and fabricated her tax returns. The franchise also made it known that her business venture was smaller than her family made it look.

In time past, the business media have called President Donald Trump and Wilbur Ross into question.

According to the news site, Kylie Jenner sold 51% of her company to cosmetic mogul Coty. At the time, the company was said to have generated $360 million. However, in the light of investigation, Forbes obtained public filings from Coty, stating that the cosmetic brand generated $125 million.

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KYLIE'S RESPONSE 

Following all the allegations levied against her, the "Life of Kylie" star took to Twitter, where she decried the situation and made it known that there were more pressing issues than the amount of money she had. 

Jenner shared that she didn't ask to be awarded the title while accusing Forbes of inaccuracy. Her attorney, Michael Kump, refuted Forbes' claim that Kylie and her accountants forged tax returns. 

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FORBES VS KYLIE

The media company responded that reporters have been investigating for a while and have spotted inaccuracies. Presently, Kylie's "Youngest Self-made Billionaire" title has been revoked according to findings concerning her profit from "Kylie Cosmetics" and "Kylie Skins."

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The makeup magnate, however, seemed unbothered about all the developments. Forbes revealed that Kylie made a profit of $340 million, which made her stacks a little below $900 million.

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In time past, the business media have called President Donald Trump and Wilbur Ross into question. This was also after they were suspected of inflating their net worths.

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