Kylie Jenner 'Doesn't Have As Much Money' And 'Could End Up Going Broke': Report
Kylie Jenner has launched several products and brand promotions lately, but she's losing money, according to a report.
In 2019, the "Keeping Up With the Kardashians" alum made a major milestone when she was dubbed by Forbes as the youngest self-made billionaire at 21. Jenner has been living lavishly amid her business ventures, but an unnamed insider claimed she might need to tighten her belt.
"Kylie has expensive tastes," a source close to the Kylie Cosmetics mogul told In Touch. "She wants the best of everything -- and usually gets it."
However, the tipster claimed that Kris Jenner's youngest daughter may not have as much money as the public thought. So, she should consider controlling her lavish spending.
"She doesn't have as much money as everyone thinks," the insider continued. "So if Kylie continues hemorrhaging money, she could end up going broke."
Enstarz could not independently verify the claims.
The outlet also mentioned Forbes' consequent report about Jenner after announcing that she was the youngest billionaire, where the magazine retracted its previous claim and said the reality star didn't really make that much.
Forbes reviewed the financial data released by Coty Inc., which bought a 51% stake in Jenner's Kylie Cosmetics in November 2019, and the magazine concluded that at 22, Jenner's net worth was lower than what the outlet previously reported.
Forbes also alleged that Jenner fabricated the revenue figures for Kylie Cosmetics and tax documents to make her appear a billionaire.
"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," noted the business magazine. "Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after taxes from the sale, is not a billionaire."
"You have to remember they are in the entertainment business," said cosmetics veteran Jeffrey Ten, who has led companies like Note Cosmetics, Nyx and Calvin Klein Beauty, in the report. "Everything in entertainment has to be exaggerated to get attention."
Stephanie Wissink, an equity analyst covering consumer products at Jefferies, shared the same sentiment about Jenner's business.
"It's fair to say that everything the Kardashian-Jenner family does is oversized," Wissink told Forbes. "To stay on-brand, it needs to be bigger than it is."
Kris Jenner and her daughter's representatives denied the allegations that she faked the tax returns to make it appear she was earning more.
"The accusations that the Jenners, and/or their accountants, falsified tax returns and then lied about their 2016 revenues for the last four years, are absolutely false," a rep for the reality stars told Forbes on June 1, 2020.
Jenner also denied the allegations on social media, seemingly questioning Forbes' reputation.
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
— Kylie Jenner (@KylieJenner) May 29, 2020
Before the report, several netizens noticed that Jenner had been hard at work. She launched multiple businesses in the past months, which raised eyebrows and prompted some to speculate that the "Kardashians" star was probably broke.
When Jenner was on vacation in Turks and Caicos, she shared a selfie rocking the yogawear brand Alo. Her critics reacted to her post, saying her "working nonstop while on vacation" was a sign that she had money problems.
