Not for the first time, the Kardashian clan’s ability to count their money accurately has been called into question by the ultimate arbiter of modern day wealth, Forbes.
The fresh dispute arose after Kanye West posted an artful picture of vegetables on Twitter Monday to congratulate his wife Kim for “officially becoming a billionaire.”
However, on Tuesday, Forbes posted on its website that they estimated that Kardashian is actually not “part of the six comma club yet” and is worth a mere $900m, following a deal between her cosmetics company KKW Beauty and retail giant Coty.
Coty announced Monday that it has acquired a 20 percent stake in KKW Beauty for $200 million, valuing the company at $1 billion.
Forbes says that it estimates the deal, set to close in early 2021, leaves Kardashian West as the majority owner of KKW Beauty with a 72 percent stake in the company and that her momager, Kris Jenner, owns 8 percent.
The quick fire response from Forbes, pouring cold water on West’s claim, is likely to further sour relations between the influential money magazine and the influential, uh, influencers, after the magazine alleged it had been misled by Kim’s little sister, Kylie Jenner, when it named her the world’s youngest self-made billionaire in March 2019.
The publication alleged that they were shown “tax returns that were likely forged” to convince them of Kylie’s wealth and that “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.”
Forbes estimated the net worth of Jenner, 22, to also be around the $900 million mark. Jenner clapped back that Forbes’ story was based on “a number of inaccurate statements and unproven assumptions.”
However, Forbes does accept that Kanye is a billionaire. The magazine reported in April that West is “officially a billionaire” and that “he really wants the world to know.”
Kim’s new deal with Coty sees her remain responsible for “creative efforts” while Coty will focus on expanding product development outside the realm of color cosmetics, Forbes says.
“Kim is a true modern-day global icon,” said Coty chairman and CEO Peter Harf in a statement. “This influence, combined with Coty’s leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands.”