Report: Celebrities: Enstarz

Kylie Jenner has launched several products and brand promotions lately, but according to a report, she is losing money.

In 2019, the ‘Keeping Up With the Kardashians’ alum reached a major milestone when she was named the youngest self-made billionaire by Forbes at the age of 21. Jenner has lived a lavish life amid her business ventures, but an unnamed insider claimed she may need to tighten her belt.

“Kylie has expensive taste,” a source close to the Kylie Cosmetics mogul told In Touch. “She wants the best of everything, and usually gets it.”

However, the tipster claimed that Kris Jenner’s youngest daughter may not have as much money as the public thought. So, she should consider controlling her lavish spending.

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Kylie Jenner speaks on stage at the WSJ. Magazine 2023 Innovator Awards sponsored by Harry Winston, Hyundai Motor America, Montblanc, Rémy Martin and Roche Bobois at MoMA on November 1, 2023 in New York City.
(Photo: Dimitrios Kambouris/Getty Images for WSJ. Magazine Innovators Awards)

“She doesn’t have as much money as everyone thinks,” the insider continued. “So if Kylie continues to drain money, she could go bankrupt.”

Enstarz could not independently verify the claims.

The outlet also noted Forbes’ subsequent report on Jenner after she announced she was the youngest billionaire, with the magazine retracting its previous claim and saying the reality star didn’t actually make that much.

Forbes reviewed financials released by Coty Inc., which bought a 51% stake in Jenner’s Kylie Cosmetics in November 2019, and the magazine concluded that Jenner’s net worth at age 22 was lower than what the outlet previously reported.

Forbes also alleged that Jenner fabricated Kylie Cosmetics revenue figures and tax documents to make her appear a billionaire.

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Kylie Jenner attends the 2023 Met Gala celebrating “Karl Lagerfeld: A Line Of Beauty” at the Metropolitan Museum of Art on May 1, 2023 in New York City.
(Photo: Dimitrios Kambouris/Getty Images for The Met Museum/Vogue)

“Kylie’s company is significantly smaller and less profitable than the family has led the cosmetics industry and media outlets, including Forbes, to believe for years,” the business magazine said. “Forbes now thinks that even after pocketing an estimated $340 million after taxes from the sale, Kylie Jenner is not a billionaire.”

“You have to remember that they are in the entertainment business,” cosmetics veteran Jeffrey Ten, who led companies such as Note Cosmetics, Nyx and Calvin Klein Beauty, said in the report. “Everything in entertainment has to be exaggerated to get attention.”

Stephanie Wissink, a consumer products equity analyst at Jefferies, shared the same sentiment about Jenner’s activities.

“It’s fair to say that everything the Kardashian-Jenner family does is overblown,” Wissink told Forbes. “To stay with the brand, it has to be bigger than it is.”

Kris Jenner and her daughter’s representatives denied allegations that she falsified tax returns to make it appear she was earning more.

“The allegations that the Jenners and/or their accountants falsified tax returns and then lied about their 2016 income for the past four years are absolutely false,” a rep for the reality stars told Forbes on June 1, 2020.

Jenner also denied the allegations on social media, seemingly calling Forbes’ reputation into question.

Before the report, several netizens noticed that Jenner had been hard at work. She launched multiple companies in recent months, raising eyebrows and prompting some to speculate that the “Kardashians” star was likely bankrupt.

While on vacation in Turks and Caicos, Jenner shared a selfie with yoga clothing brand Alo. Her critics responded to her post, saying her “working non-stop while on vacation” was a sign she was having money problems.

Kylie Jenner attends the “Rei Kawakubo/Comme des Garcons: Art Of The In-Between” Costume Institute Gala at The Metropolitan Museum of Art on May 1, 2017 in New York City.
(Photo: Theo Wargo/Getty Images for US Weekly)