Earlier this week Kanye West announced his wife Kim Kardashian had become a billionaire, however, Forbes has now disputed the claims.
Kim reportedly sold a stake in KKW Beauty, her beauty brand, to Coty Inc for $200 million.
Coty, the US cosmetics giant, bought a 20% stake in KKW Beauty, valuing the reality TV star’s three-year-old business at $1bn (£815m) – but it seems Kanye’s celebrations may have been premature.
In a post on the Forbes website, they claimed that Kim “isn’t estimated to be part of the six comma club yet.”
(Image: Getty Images)
In the piece, the publication wrote: “Forbes estimates Kardashian West remains just shy of billionaire status, worth $900 million.”
Forbes detailed how the deal, which will be finalised in early 2021 leaves Kim as the majority owner of KKW Beauty with a 72 per cent stake, while her momanger Kris Jenner owns eight per cent.
In April, Kanye West was declared a billionaire after years of publicly insisting that he belongs in the six-comma club. The majority of West’s $1.3 billion fortune comes from Yeezy.
Coty, the US cosmetics giant, bought a 20% stake in KKW Beauty (Image: Kim Kardashian/Instagram)
Kanye gushed over his wife’s money-making achievements on Twitter, writing: “I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire.
“You’ve weathered the craziest storms and now God is shining on you and our family.
“So blessed this is still life. So I made you this still life. We love you so much.”
Debunking the claims, the piece read ‘Forbes estimates Kardashian West remains just shy of billionaire status, worth $900 million’ (Image: Instagram)
While Kim has stayed silent over her net worth, she did discuss the Coty deal which will allow her to expand KKW Beauty on a global scale.
“This relationship will allow me to focus on the creative elements that I’m so passionate about while benefiting from the incredible resources of Coty, and launching my products around the world,” she said.
Kim is now the wealthiest Kardashian member, overtaking Kylie who was stripped of her billionaire status earlier this year.
Source: Celebrities - dailystar.co.uk
