Reports state that the dispute between Kylie and Forbes led New York-based Coty Inc.stock to fall more than 13% on Friday.
Kylie Jenner who was once declared a billionaire by Forbes Magazine and featured on its cover is no longer a part of the list, Forbes said that she no longer deserves the title. Kylie has now responded to the allegation. In a story posted on Friday, Forbes said that an examination of financial filings after the reality star and beauty mogul sold a majority share in her cosmetics company revealed that her worth was inflated.
For the uninitiated, Kylie sold 51% of her Kylie Cosmetics company to Coty in a deal valued at $1.2 billion early this year. Forbes in its article said, "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. Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after taxes from the sale, is not a billionaire."
Kylie hit back at the allegations and said, "what am i even waking up to. i thought this 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."
She also said, "but okay, i am blessed beyond my years, i have a beautiful daughter, and a successful business and i’m doing perfectly fine. i can name a list of 100 things more important right now than fixating on how much money i have."
For the uninformed, in March 2019, Forbes featured Kylie along with the headline, "At 21, Kylie Jenner Becomes The Youngest Self-Made Billionaire Ever." On Friday, however, the headline read, "Inside Kylie Jenner’s Web of Lies — And Why She’s No Longer a Billionaire." Reports state that the dispute between Kylie and Forbes spilled over to Wall Street, where shares of New York-based Coty Inc. fell more than 13% on Friday.
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 "Kylie Jenner slams Forbes after magazine says she isn’t a billionaire, spun a 'web of lies'")
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