Kim Kardashian not a billionaire either, says Forbes after exposing Kylie Jenner despite Kanye West's claims
Forbes said the reality TV star is worth approximately $900 million after she closed a deal with Coty Inc, a US multinational beauty company
Kim Kardashian's beauty brand, KKW, was reported to be valued at $1 billion. However, Forbes magazine, the publication that had stripped Kim's younger sister, Kylie Jenner of her 'self-made' billionaire status, has said Kim is actually not a billionaire either as has been claimed. As reported by Forbes, the reality TV star is worth approximately $900 million after she closed a deal with Coty Inc, a US multinational beauty company.
As per the deal, Kim decided to sell a 20% stake in the company that sells make-up and fragrances, for around $200 million. Coty had also purchased a 51% stake in Kylie Jenner's company for around $600 million last year. Forbes says that the deal, which will likely close during the third fiscal quarter of 2021, will leave Kim with a 72% stake but given that her mother and manager Kris Jenner owns 8%, it will prevent Kim from achieving true billionaire status.
The reports come as Kim's husband rapper Kanye West had taken to social media to boast about his wife's 'billionaire' status on Monday, June 30. Kanye had taken to Twitter to share how proud he was of Kim. The 'Stronger' rapper wrote, "I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire. You’ve weathered the craziest storms and now God is shining on you and our family. So blessed this is still life. So I made you this still life. We love you so much."
We had previously reported that Kanye was mercilessly mocked on social media after he wrote a short poem along with a picture of a pepper, a cherry tomato, a green tomato, and a couple of flowers. Besides being mocked for the choice of picture, he was also called out for flexing his wealth amid the coronavirus pandemic which has cost millions their job. One user shared, "Wow! There are people losing their only income right now and you decide to tell the world your wife is a billionaire. Bravo!" Another wrote, "The country is on its knees right now. Poverty, debt, unemployment, racial/political division, police brutality, and a virus looming over us that's taken the lives of 120'000 Americans. So please excuse us if we don't seem overly impressed by your wealth-flexing at this time." "Accumulating wealth isn’t the biggest accomplishment, & I thought u & @KimKardashian were evolved enough to know that. Furthermore, real rich people have enough tact to nevertheless brag about or disclose the actual sum of their worth," commented another.
Coty had bought a majority stake (51%) in make-up mogul Kylie Jenner's beauty company in 2019 for around $600 million while Kim will still be in charge of her company. According to TMZ, Kim and Coty have been working on a deal for many months. Kim shared, "This relationship will allow me to focus on the creative elements that I'm so passionate about while benefiting from the incredible resources of Coty, and launching my products around the world."
It was just last month that Kylie slammed Forbes after they released a shocking report calling her out for inflating figures as well as 'forging' tax returns for her company. Kylie took to Twitter to comment, "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."