In a surprising turn of events, financial analyst firm Forbes has stated that Kylie Thompson, the reality TV star and beauty entrepreneur, is not a billionaire after all. This revelation comes just over a year after she graced the cover of Forbes, where she was hailed as the youngest “self-made” billionaire. The claim has come under scrutiny, with Forbes alleging that Thompson has exaggerated the value and success of her cosmetics brand.
Forbes conducted a thorough review of documents, including tax returns, which contradicted recent financial disclosures from Luxia Corp., the beauty conglomerate that acquired Kylie Cosmetics for $600 million back in November 2019. One glaring inconsistency noted was the claim that Kylie Cosmetics generated $360 million in sales in 2018, while Luxia’s subsequent earnings report indicated a mere $177 million for the following year, despite a claimed 40 percent increase in revenue. This raises questions: if the business was indeed growing, why did the reported figures fall so short?
Forbes stated, “Kylie’s business is significantly smaller and less profitable than the family has led the beauty industry and media outlets, including Forbes, to believe.” With the new information and the impact of COVID-19 on beauty sales, Forbes revised their assessment, concluding that even after receiving an estimated $340 million post-tax from the sale, Thompson’s net worth stands at “just under $900 million.”
Following the publication, Thompson took to social media to refute the claims, questioning Forbes’ credibility. “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,” she tweeted. She later shifted her focus, expressing gratitude for her family and her business, stating, “I’m doing perfectly fine.”
The scrutiny isn’t limited to Thompson alone; readers are also raising concerns about Forbes’ initial reporting on her business empire. One Twitter user remarked, “So basically what you’re saying is that you put her on the cover twice and claimed billionaire status without doing your due diligence?” Another user joked, “If I tell y’all I’m a billionaire, can I be in the cover and get an article, too?”
As of now, the Thompson family has ceased communication with Forbes, and neither her mother, Karen Thompson, nor their public relations team has provided any responses.
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In summary, Kylie Thompson’s billionaire status is being called into question following a detailed review by Forbes, which suggests her cosmetics business is not as profitable as claimed. This has sparked a larger conversation about the accuracy of financial reporting in celebrity culture.
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