Kim Kardashian is NOT a billionaire like Kylie Jenner, Forbes says despite bragging about Kanye West
Kim Kardashian’s beauty brand, KKW, was reportedly valued at a billion dollars, causing Kanye West to brag about her new three-comma status.
But according to the publication that striped Kylie Jenner has billionaire status, her older sister isn’t either.
The 39-year-old reality star is worth about $ 900 million after he made a deal with Coty Inc. to sell a 20 percent stake in the company, which sells makeup and fragrances, for $ 200 million, according to Forbes.
Coty also bought a 51 percent stake in Kylie’s company for $ 600 million last year.
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Incorrect calculations? Kim Kardashian’s beauty brand, KKW, was estimated to be worth a billion dollars, causing Kanye West to brag about her new three-comma status, but according to a new report from Forbes, she’s only worth $ 900 million
Downgrade: Kylie Jenner, 22, had been hailed by Forbes as a ‘self-made billionaire’ in 2019 and 2020, but in May they stripped her of the title, accused her of bloated business figures and ‘forged’ tax returns and suggested she’s worth about $ 950 million
Kylie, 22, had been hailed by Forbes as a ‘self-made billionaire’ in 2019 and 2020, but in May they stripped her of the title, accused her of bloated business and ‘falsifying’ tax returns, and suggested she was worth about $ 950 million.
Forbes now reports that the deal that will be closed in the third fiscal quarter of 2021 will deliver majority shareholder Kim with a 72% stake, but since her mom Kris Jenner owns 8%, it has prevented her from achieving true billionaire status.
This could be interesting news for Kim’s 43-year-old husband Kanye who bragged about her ‘billionaire’ status on Monday.
The numbers are cracking: The 39-year-old reality star (seen in October) is worth about $ 900 million after he made a deal with Coty Inc. to sell a 20 percent stake in the company, which sells makeup and fragrances, for $ 200 million according to Forbes
Momager in the way: Now Forbes reports that the deal closing in the third fiscal quarter of 2021 will leave majority shareholder Kim with a 72% stake, but since her mom Kris Jenner owns 8%, this has prevented her from becoming the real billionaire condition to be reached
“I’m so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire,” Kanye wrote.
“You’ve been through the craziest storms and now God is shining on you and our family. This still life is so blessed. ‘
The Jesus Walks rapper seemed to have taken a photo with a green tomato, a tomatillo, a cherry tomato, some lavender, and other flowers, all arranged on the floor.
‘So blessed to be still life’: this could be interesting news for Kim’s 43-year-old husband Kanye who bragged about her ‘billionaire’ status on Monday
“So I made this still life for you. We love you so much, ”he concluded.
Kanye later faced social media backlash as many considered it “ badly timed ” for bragging about his wife’s financial high given the lousy financial condition of the world.
Regardless, Kim’s new deal is for a “long-term strategic partnership to launch products in new beauty categories and expand from top to bottom around the world.”
TMZ reports that Coty acts as a licensee for skin, hair, personal and nail products.
Interesting: TMZ reports that Coty acts as a licensee for skin, hair, personal and nail products
In control: The deal means that Kim remains very much at the helm of the company, with only a 20 percent stake
The deal means Kim is still very much at the helm of the company, with only a 20 percent stake.
If the company paid $ 200 million for a fifth of the brand, it means they value the entire company at one billion dollars.
Coty bought a majority stake in Kylie’s beauty company (51 percent) in 2019 for $ 600 million, while Kim is still in charge of her business.
TMZ also reported that Kim and her team have been working out the deal with Coty for months.
Kim said, “This relationship allows me to focus on the creative elements that I’m so passionate about while taking advantage of Coty’s incredible resources and launching my products around the world.”
Kim’s beauty company was recently sued by Seeds Beauty for fearing it would reveal trade secrets to Coty.
Something to say: Kylie recently hit back at Forbes after it released a report claiming that the Jenners and their PR team had blown up numbers for Kylie Cosmetics
Last month, Kylie slammed Forbes after the publication released a bomb report accusing her of inflating numbers and “falsifying” tax returns for the makeup tycoon’s makeup business.
It turned out that the reality star was surprised by the article, which claims that Kylie Cosmetics isn’t doing as well as the Jenners want people to think – and that the Lip Kit maker isn’t actually a billionaire.
Forbes named Kylie the world’s youngest self-made billionaire in 2019 and again in 2020, and to her surprise at their latest article, she wrote on Twitter: ‘How even I wake up. I thought this was a reputable site.
All I see are some inaccurate statements and unproven assumptions lol. i have never asked for a title or tried to lie there EVER. period of time’
‘Inaccurate Statements’: Kylie Seemed Shocked At The Forbes Article Claiming Her Family Created A ‘Web Of Lies’ So She Could Be Crowned Youngest Billionaire
She followed with a quote from the Forbes report accusing the Jenners and their accountant of producing false tax returns.
“Even create tax returns that are likely to be forged” is that your proof? So you thought they were faked? like actually what I read. Kylie tweeted incredulously.
She followed up with another post that focused on the positive, “but okay, I’m blessed after my years, I have a beautiful daughter and a successful business and I’m fine.”
The publication accused Kylie of “lying about company numbers and forging tax returns” to be called a billionaire.
Report: Kylie is not a billionaire, Forbes claimed. They accused the ‘homemade’ makeup tycoon, 22, of running ‘a web of lies’ over company figures and ‘falsifying tax returns’