For over a year, Kylie Jenner enjoyed the status that came with one very impressive title — world’s youngest self-made billionaire.
Obviously, Kylie’s entire family is wealthy, but even her iconic sisters aren’t billionaires, and they certainly didn’t come close to any such feat in their early twenties.
There hasn’t been much turmoil in Kylie’s charmed life, but last week, she suffered a blow that threatened to dethrone her as the queen of Gen-Z influencers.
A scathing piece published by Forbes claimed that Kylie is not a billionaire and never has been.
The magazine went a step further by alleging that Kylie lied about her company’s earnings in order to artificially inflate her net worth.
Forbes was the publication that first anointed Kylie as a billionaire, so the editors’ outrage in being duped is understandable.
Of course, there are those who claim Kylie that there may have been a time when Kylie was worth ten figures, and the folks at Forbes are merely trying to save face by claiming they were lied to.
Conflicting reports claim that Kylie was a billionaire at one point, but her lavish spending combined with the economic downturn caused by the coronavirus has stripped her of that status.
Whatever the case, Kylie’s empire has very clearly hit a rough patch, and now, heads are starting to roll as a result.
In Touch is reporting today that Kylie Cosmetics CEO Christoph Honnefelder has stepped down from his position citing "personal reasons."
He has already been replaced by Simona Cattaneo.
“[Cattaneo] assumes these responsibilities from Christoph Honnefelder, who announced to the senior team internally a number of weeks ago that he would not be assuming the role of CEO of Kylie Beauty,” reads a statement released on Wednesday.
“Under Simona’s leadership we are excited by the opportunities for the Kylie Beauty business, as indicated by the very successful recent launch of Kylie Skin in Europe.”
Clearly, that’s a dry, boilerplate press release, but it might speak volumes about the turmoil within Kylie’s business empire.
Did Honnefelder step down willingly, or was he asked to leave?
Will Kylie be pushing out more of her top execs as she seeks to regain the billionaire status that did so much for her reputation as a savvy businesswoman?
Whatever the case, it seems Kylie is not taking the Forbes allegations lightly, and she’s clearly willing to do whatever it takes to get back on top.