The "billionaire status" of Kylie Jenner has recently been reportedly called into question by Forbes in a story that raises questions as well, about the ability of the magazine to precisely evaluate celebrities' finances.

According to Forbes, which is famously known for its rankings of billionaires, it is no longer considering the youngest of the Kardashian-Jenner family as a billionaire which it earlier reported, specifically in March last year.

On Friday, Forbes published an investigation result in relation to the finances of Jenner indicating, she and her family had submitted misleading information about her supposed wealth. 

Results showed that the American businesswoman and media personality's net worth to date is only below $900 million.

The magazine's investigatio said the "Kardashians and Jenners have spent years fighting" over "higher sports on celebrity earnings and annual wealth lists."

Allegedly Unproven Assumptions

According to USA Today, it reached out to representatives of Jenner to request for a comment on the issue. The media icon, then, took to social media, particularly, Twitter on Friday, tweeting that the article in Forbes had several "inaccurate statements and unproven assumptions.

She also said in her tweet that she never asked for a title," neither, she said, she lied her "way there EVER. Period." 

In November last year, according to reports, Jenner was able to sell a $600-million stake in Kylie Cosmetics, her cosmetic firm, to a beauty company, Coty Inc. that also owns Tiffany & Co. Balenciaga and CoverGirl, to name a few. 

At that time, a news release said, the beauty firm "would own 51 percent of Jenny's cosmetics business." However, officials of Coty refused to comment on the issue.

Forbes, on the other hand, considered the sale, among the "greatest celebrity cashouts of all time," adding that transaction appeared to validate what Jenner had been saying the whole time, not to mention its declaration in the story is published in March 2019.

Based on Forbes' report, Jenner took an approximate amount of "$340 million, after-tax, from the sale." However, the magazine also indicated that based on the effects of the pandemic and filings on consumer spending and beauty stocks, Jenner could not be believed to be a billionaire. 

In its story, Forbes indicated too, that the Kardashians-Jenner family created tax returns which the magazine said, were possibly forged. Meanwhile, in a statement sent to People magazine, Jenner's lawyer, Attorney Michael Kump's, defense though was that Forbes' story on his client was "unequivocally false." 

The allegation of Forbes, the attorney told People, that Jenner and her accounts fabricated the tax returns is clearly false and that they demand that the magazine retract instantaneously and publicly that particular accusation, as well as its other claims.

The Magazine's 'About-Face', Possibly to Make Rankings Questionable

To several experts, the magazine's so-called "about-face" may make Forbes' famous rankings questionable.

According to management professor, Rita McGrath, the story has put the magazine "in a 'tough spot'." She added, she thinks that "a magazine like Forbes" has specific accountability to come out with data if it will "claim to be that source." Therefore, she continued, she thinks probably, a higher degree of investigation "might be merited."

Christina Vega, the spokeswoman for Forbes said, the new investigation only shows how committed the publication is, to disclosing new information each year, not to mention its willingness to set the record straight whenever Forbes is getting new information.

Vega also added some rare instances that have also taken place in the Forbes list's history in which people are deliberately lying to the publication in initiatives to make some movements in their fortunes. To respond to such moves, the spokeswoman said, they try spotting those cases the soonest as possible and report them immediately to the readers.

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