The parent company of Kylie Jenner’s cosmetics company have seen share prices tumble after allegations the reality star has lied about her wealth.
On Friday, Forbes magazine sensationally claimed that 22-year-old Kylie had shared false information with them about her wealth in order to exaggerate the success of her business.
Kylie – who launched Kylie Cosmetics in 2015 – sold a 51 per cent majority stake of her company to beauty giant Coty Inc in November 2019.
The deal cost a reported $600 million (£487 million) – which would have valued Kylie Cosmetics at $1.2 billion (£970 million) – but Forbes have suggested papers filed by Kylie were falsified and unceremoniously ejected her from their billionaires list.