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In an online video, Fobes is saying the Jenners have lied and exaggerated Kylie’s success.

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Kylie Jenner’s status as a billionaire has been called into question by Forbes in a story that also raises questions about the magazine’s ability to accurately assess the finances of celebrities.

Forbes, known for its billionaire rankings, said it no longer considers the youngest member of the Kardashian-Jenner family to be a billionaire, which it reported in March 2019.

The magazine on Friday published the results of an investigation into Jenner’s finances, saying she and her family provided misleading information about her wealth. It now estimates her net worth at just under $900 million.

In its investigation Friday, Forbes says the Kardashians and Jenners have spent years fighting for higher spots on its annual wealth and celebrity earnings lists. 

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Jenner’s brother-in-law and rapper Kanye West was included in Forbes list in April.

USA TODAY reached out to Jenner’s reps for comment on the report. Jenner took to Twitter tweeting Friday the Forbes article had “a number of inaccurate statements and unproven assumptions” and she “never asked for any title or tried to lie my way there EVER. period.”

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

‘Unproven assumptions’:Kylie Jenner responds to Forbes report on ‘inflating’ billionaire status

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Last November, Jenner sold a $600-million stake in her cosmetic company Kylie Cosmetics to Coty Inc, a beauty company that owns CoverGirl, Tiffany & Co. and Balenciaga among other notable beauty and fashion brands. A news release at the time said Coty would own 51% of Jenner’s company.

Forbes called the sale one of “the greatest celebrity cashouts of all time” and said “the transaction seemed to confirm what Kylie had been saying all along” and what it declared in the March 2019 story. Coty officials declined to comment.

Jenner pocketed an estimated $340 million, after tax, from the sale, Forbes reported but said based on filings and the impact of COVID-19 on beauty stocks and consumer spending that Jenner is not believed to be a billionaire.

Forbes also said in its story that the family created “tax returns that were likely forged,” which Jenner’s attorney Michael Kump said was “unequivocally false” in a statement to People magazine.

“Forbes’ accusation that Kylie and her accountants ‘forged tax returns’ is unequivocally false and we are demanding that Forbes immediately and publicly retract that and other statements,” Kump told People.

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With the success of her cosmetics line, Kylie Cosmetics, Kylie Jenner has officially surpassed Mark Zuckerberg as the youngest self-made billionaire by the age of 21, according to Forbes.

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To some experts, Forbes’ about-face may put the publications’ popular rankings into question. 

James Warren, executive editor of NewsGuard, which rates the credibility of news and information sites, told USA TODAY the news speaks to the importance of verifying information.

“The Kardashian claim was and remains the sort that’s easy to make, yet hard to verify,” said Warren, a former Chicago Tribune managing editor. “But it requires verification because some people use ‘billionaire’ as a credential of grand distinction, a sort of Harvard degree, even if one measured in money rather than academic achievement.”

Rita McGrath, who is professor of management at Columbia Business School, said the story puts Forbes in a “tough spot.”

“I do think a magazine like Forbes has a certain responsibility to present factual data if they are going to claim to be that source,” McGrath said. “I think maybe a higher level of scrutiny might be merited.”

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