Kylie Jenner ‘Self-Made Billionaire’ Story Is Too Rich for the Doubters to Swallow

Read on: TheWrapTheWrap.

According to Forbes, Kylie Jenner, at 21 years of age, has become the youngest self-made billionaire ever.

What’s beyond doubt is that Forbes’ report about the depth of Jenner’s coffers has provided a wealth of skepticism among naysayers on social media.

Forbes published its report on Tuesday saying that Jenner bested the previous record-holder, Facebook boss Mark Zuckerberg, for the title, thanks at least in part to her Kylie Cosmetics line.

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However, Twitter was abuzz with doubters who called the report into question.

Many took issue with the claim that Jenner, who is a member of the Kardashian-Jenner reality TV/business juggernaut, is a “self-made” billionaire.

“Kylie Jenner is proof that even if you only start out in life with a few hundred million dollars and international fame, it’s still possible to make something of yourself. An inspiration to us all,” wrote one wag.

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“Stop it!!! There is NOTHING ‘self-made’ about Kylie Jenner. Shame on u 4 making such a ridiculous claim,” wrote another skeptic. “Not knocking Kylie Jenner, good 4 her; she’s not “self-made”. Most of us could start pretty great ventures if we had multi-million $ families getting us started.”

“Reports are saying Kylie Jenner is the youngest self-made billionaire,” Read another assessment. “Congrats to her hitting that Billie mark, but when u have a rich father who is a former athlete, a rich mother, millionaire siblings, and an established profit making family brand, are you really ‘self made’?”

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“I’m sure Kylie Jenner works hard but she is not ‘self-made’ and we should all stop comparing our successes in our fields to the successes of people who come from wealthy, connected families cos the playing field is at 90 degrees,” another doubter chimed in.

“Calling Kylie Jenner self-made is like calling a Blue Apron meal homemade,” quipped another critic of the report.

Jenner did have some supporters, however, such as a Twitter user who offered, “@KylieJenner was worth $5M in 2015. Fewer than 4 years later, she’s become the world’s first self-made billionaire. Don’t believe she’s self-made? How about you try achieving a 19,900.00% return on investment in 4 years. Congrats, girl. You earned it.”

Then there was British media personality/Twitter dung-flinger and frequent Kardashian critic Piers Morgan, who wrote, “It’s not self-made, it’s because her sister made a sex tape.”

Read on for more reactions. And feel free to throw in your own two cents — if you can spare them — in the comments section.

It’s not self-made, it’s because her sister made a sex tape. https://t.co/1EIgPAvMRg

– Piers Morgan (@piersmorgan) March 5, 2019

Kylie Jenner is NOT A SELF MADE millionaire. #KylieJenner pic.twitter.com/r8rwZ82kyS

– Raquel ???? (@quelllzz) March 5, 2019

Kylie Jenner is proof that even if you only start out in life with a few hundred million dollars and international fame, it’s still possible to make something of yourself. An inspiration to us all. https://t.co/VWvR1OyA1G

– Matt Walsh (@MattWalshBlog) March 5, 2019

Stop it!!! There is NOTHING “self-made” about Kylie Jenner. Shame on u 4 making such a ridiculous claim. Not knocking Kylie Jenner, good 4 her; she’s not “self-made”. Most of us could start pretty great ventures if we had multi-million $ families getting us started. #laughable

– Lindy Good (@G00dGirl57) March 5, 2019

Reports are saying Kylie Jenner is the youngest self-made billionaire. Congrats to her hitting that Billie mark, but when u have a rich father who is a former athlete, a rich mother, millionaire siblings, and an established profit making family brand, are you really “self made”? pic.twitter.com/TIOi70TN4A

– Tariq Nasheed ???????? (@tariqnasheed) March 5, 2019

I’m sure Kylie Jenner works hard but she is not “self-made” and we should all stop comparing our successes in our fields to the successes of people who come from wealthy, connected families cos the playing field is at 90 degrees

– Lex Croucher (@lexcanroar) March 5, 2019

??”? Welp, ‘self-made’ is spiking. https://t.co/TmdGHoTtPz

– Merriam-Webster (@MerriamWebster) March 5, 2019

Kylie Jenner sits home and queefs all day long and is a BILLIONAIRE …????

– womprat (@ilovepickles44) March 5, 2019

How is Kylie Jenner self made when she’s been rich her whole life lol, self made is starting from the bottom…and I mean the bottom…and climbing up with NO HELP or CONNECTIONS whatsoever. pic.twitter.com/WiL9qQQW1P

– Aubrey (@aubz152015) March 5, 2019

Kylie Jenner piggy-backed on family fame and fortune.

Call me when she can do a load of laundry.

– The Hoarse Whisperer (@HoarseWisperer) March 5, 2019

Calling Kylie Jenner self-made is like calling a Blue Apron meal homemade.

– Michael Benjamin (@mfbenji) March 5, 2019

.@KylieJenner was worth $5M in 2015. Fewer than 4 years later, she’s become the world’s first self-made billionaire.

Don’t believe she’s self-made? How about you try achieving a 19,900.00% return on investment in 4 years.

Congrats, girl. You earned it. https://t.co/VDzITayGm7

– Tiana Lowe (@TianaTheFirst) March 5, 2019

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George Lucas, Steven Spielberg Top Forbes List of 10 Richest Celebrities

Read on: TheWrapTheWrap.

George Lucas, Steven Spielberg and Oprah Winfrey have topped Forbes’ annual list of America’s richest celebrities. And with a net worth estimated by Forbes of $5.4 billion, mainly thanks to selling Lucasfilm to Disney, “Star Wars” creator Lucas is in a galaxy far, far away from anyone else on the list.

Though his peer Steven Spielberg comes in at second place, with a net worth of $3.7 billion. This year, sci-fi fantasy “Ready Player One” was one of his highest grossing movies in years, and in April, Comcast and NBC acquired his DreamWorks Animation.

New to the list is Kylie Jenner, who Forbes says is now on track to be the youngest self-made billionaire ever at just 21-years-old, in part because of her company Kylie Cosmetics. She’s valued at $900 million currently, and tied with Jay-Z for the fifth spot, who Forbes adds was also the biggest earner in 2018 with him adding $90 million to his pocketbook.

Also Read: Kylie Jenner Set to Become ‘Youngest Self-Made Billionaire Ever,’ Prompting Online Eye Rolls

Rapper Diddy is also on the list at No. 8, athletes Michael Jordan and Tiger Woods are both on the list, and its rounded out by magician David Copperfield and novelist James Patterson.

Forbes says that the combined total of the 10 American celebrities comes out to $18.7 billion, which is greater than the GDP of Iceland.

Their methodology for the list involved drawing from the Forbes 400 Billionaires List and the ranking of America’s Richest Self-Made Women. Celebrities not on those lists were valued through private company stakes and publicly traded assets.

See the full list and their net worths below:

  1. George Lucas, $5.4 billion
  2. Steven Spielberg, $3.7 billion
  3. Oprah Winfrey, $2.8 billion
  4. Michael Jordan, $1.7 billion
  5. (tie) Kylie Jenner/Jay-Z, $900 million
  6. David Copperfield, $875 million
  7. Diddy, $825 million
  8. (tie) Tiger Woods/James Patterson, $800 million
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Ellen DeGeneres, Kendall and Kylie Jenner, Lead Walmart’s Celebrity Collaborations for the Holidays

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Caitlyn Jenner Reverses Trump Endorsement: ‘I Was Wrong’

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In a Washington Post column published on Thursday, Caitlyn Jenner said she regrets supporting President Donald Trump.

Jenner, 68, has been an open Trump supporter and said she had intentions of working with the President to improve conditions for the LGBTQ community. Jenner, who transitioned in 2015, said she was hoping to use her privilege to evoke change.

“Following Trump’s election as president, I saw fertile ground for change within the Republican Party on LGBTQ issues,” she wrote in the Thursday column. “I believed I could work within the party and the Trump administration to shift the minds of those who most needed shifting.”

She said she felt optimistic about Trump’s attitudes towards the community when he claimed his support for “this valuable, vulnerable community” during the Republican National Convention in July 2016.

Also Read: Caitlyn Jenner Slams Trump Over Breaking ‘Promise’ With Transgender Ban

“Sadly, I was wrong,” wrote Jenner in The Washington Post piece. “Believing that I could work with Trump and his administration to support our community was a mistake.”

Jenner’s support for Trump in previous years was met with skepticism and critique from other members of the LGBTQ community. But, as Jenner wrote in Thursday’s column, she realized that President Trump has relentlessly attacked the community, “ignored our humanity,” “made trans people into political pawns.”

“I do not support Trump. I must learn from my mistakes and move forward,” Jenner wrote. “The world needs to hear us. The world needs to know us. We will not be erased.”

Read Jenner’s entire column here.

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Moguls on a Boat, All-Female Edition! How Oprah, Donna Langley, Gwyneth Spent Their Summer

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It ain’t easy being a power woman in entertainment, media and tech  — which is why our annual executive vacation report “Moguls on a Boat” is devoted this year to high-profile women who deserve to play as hard as they work.

This list isn’t as long as in years past, which should probably tell you something about gender parity in the executive ranks of these industries, but our bosses are fierce.

They are spiritual and thought leaders, CEOs, philanthropists, underwriters of art and culture and definitively in charge. They also rake in substantial incomes — the list includes the richest woman in the world, Forbes’ reigning most powerful woman in media and three brand titans who leveraged multimillion-dollar companies based on their celebrity.

Indulge in their summer retreats from the boardroom in places like Capri, Portofino, the lush and hippie hills of Ojai, the seersucker-clad island of Martha’s Vineyard and, of course, plenty of open water to house those chartered and owned floating palaces.

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WHO: Oprah, aboard David Geffen’s yacht Rising Sun in Portofino, with Tom Hanks, Rita Wilson and Julianna Margulies

STATUS: Every year is a good year to be Oprah, but she’s been particularly busy since last summer. In January, the mogul delivered a Cecil B. DeMille Lifetime Achievement Award acceptance speech at the Golden Globes that was so inspiring, it inserted her into the 2020 presidential election race.

While she demurred over a White House run, Oprah did return to acting. In February, she starred alongside Reese Witherspoon and Chris Pine in Ava DuVernay’s “A Wrinkle in Time.” At the top of her summer, she signed a multi-year content partnership with Apple that will “embrace her incomparable ability to connect with audiences around the world,” the tech giant said.

Those checks will add to her 2017 updated net worth of $2.8 billion, according to Forbes.

Also Read: Oprah Winfrey Signs Multi-Year Content Partnership Deal With Apple

WHO: Gwyneth Paltrow — with fiancé Brad Falchuk, designer Valentino Garavani and his partner Giancarlo Giammetti — on Valentino’s yacht T.M. Blue One in Capri.

STATUS: Forget her little movie this year — the $2 billion worldwide box office phenomenon “Avengers: Infinity War” — since acting is officially Gwyneth’s hobby now. This year, Paltrow’s rapidly growing lifestyle company Goop received a $250 million valuation for its editorial and diverse e-commerce business that encompasses fashion, beauty, wellness and live events.

Largely hailed as a prototype for leveraging celebrity into big business (like another mogul on this list, Kylie Jenner), Paltrow continues to be a cultural lightning rod while monetizing the eyeballs of her haters — exquisitely detailed in a recent New York Times magazine profile on her business.

Paltrow is also set to wed “Pose” producer Falchuk this year, following the 2016 finalization of her divorce from Coldplay rocker Chris Martin. Her betrothed has also recruited her back onto the small screen, as she’ll cameo in his new Ben Platt-Barbra Streisand musical comedy “The Politician” at Netflix.

Also Read: Gwyneth Paltrow: Brad Pitt Told Harvey Weinstein ‘I’ll Kill You’ After ‘Weird’ Hotel Encounter

WHO: Stacey Snider, at her home on Martha’s Vineyard

STATUS: If anyone deserves a bike ride around the Gay Head Lighthouse or a few glasses of vino at the Obama-beloved restaurant The Cardboard Box on the Vineyard, its 20th Century Fox Film CEO Snider, who has long had a vacation home on the high-end Massachusetts island.

In 2016, Snider joined an extremely small club of female studio heads when she succeeded Jim Gianopulos as CEO and chairman at the company. Roughly 18 months later, Disney announced its plan to acquire all of Fox’s film and TV content assets, plunging the media establishment into chaos and raising still-prominent question about the fate of thousands of Fox employees as Disney absorbs them.

Snider has been bold in her candor about the uncertain future. Speaking at the movie theater owner convention CinemaCon in April, she could barely contain her emotion as she played a sizzle of the greatest films made in the studio’s 103 years. The Disney transition is expected to be complete by 2019.

Also Read: Fox Film CEO Teases Uncertain Future With Looming Disney Acquisition: ‘We Face a New Transition’

WHO: Donna Langley, at her home in Ojai, Calif.

STATUS: Another member of the rarefied female-studio head club, Universal Pictures Chairman Langley is frankly crushing it this year. In July, the studio crossed $1 billion at the domestic box office, the eighth year in a row the NBCUniversal property has hit that milestone. This month, Universal crossed $2 billion at the worldwide box office for the fourth time in its history. This is largely due to the success of “Jurassic World: Fallen Kingdom,” which also helped put the studio in second place behind monolith Disney in terms of market share.

In January, Langley was honored with the Producers Guild of America Milestone Award, honoring those who have made “historic contributions to the entertainment industry.”

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WHO: Beyoncé, on the Amalfi coast aboard the $200 million charter yacht Kismet, with husband Jay-Z and their children in between stops on the “On The Run II” tour.

STATUS: In a career of dizzying highs and milestones for an African American and female artist, Beyonce achieved another transcendent moment as the first black woman to headline the Coachella Valley music festival in April.

More than that, the show was a celebration of deep Southern culture and a nearly two-hour nonstop dance party that one review billed as “two years and a career in the making.” The concert was immediately followed by the announcement of a joint world tour with husband Jay-Z, “On the Run II” — and another surprise album drop, “Everything Is Love.”

Even in the dog days of summer, Beyoncé is still making history. She clocked a second September cover of Vogue magazine this year, and tapped Tyler Mitchell to shoot the photos — the first ever African American photographer to shoot the most important annual issue of the fashion bible.

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WHO: Kylie Jenner, in a multi-bedroom villa at the Turks and Caicos resort Amanyara, with boyfriend Travis Scott and newborn daughter, Stormi.

STAUTS: We are living in a post-reality-stardom age for the polarizing and pouty Kardashian clan. The family has become synonymous with raking in millions on branding and lifestyle businesses where they once were known for a sex tape, vulgar language and staged photo ops.

No family member represents this new Kardashian prototype quite like Kylie, daughter of Kris and Caitlyn Jenner, who stunned this year on the cover of Forbes magazine lauding America’s self-made billionaires. Jenner’s runaway success with Kylie Cosmetics, a makeup range curated and released in flash sales propped up largely by her 113 million (you read that correctly) Instagram followers.

WHO: Alice Walton, heiress to the Walmart Stores fortune, bidding farewell to her horse ranches in Millsap, Texas.

STATUS: Walton is the richest woman in the world, at a reported $44.9 billion, but her vacation spot is not nearly as lavish as her counterparts on our list.

This year Walton, a voracious horse trainer and breeder, sold the last of two Texas ranches that long sat in her real estate portfolio. Nestled in the town of Millsap, Walton offloaded both but doubtlessly enjoyed a last hurrah before shipping off to her new home in Fort Worth, Texas.

Walton is a dedicated philanthropist and art lover. She founded the Crystal Bridges Museum of American Art, and serves as chairman of the board, in Walmart’s hometown of Bentonville, Arkansas.

WHO: Anna Wintour, hosting the wedding of daughter Bee Shaffer and director Francesco Carrozzini, at her Forge River estate in Mastic, N.Y., on Long Island.

STATUS: Conde Nast’s creative director and long-reigning editor of Vogue is looking warily toward retirement, numerous outlets have reported over the last year (she denies any plans to leave her job). Not that a possible abdication is slowing her down.

Wintour was named the most powerful woman in media by Forbes last year, a nod to the iron clutch she has on the famed magazine publisher despite continued setbacks. Her relevance never takes a hit despite the challenges of print media. Vogue’s authoritarian hold on fashion and beauty has transferred seamlessly to social media (ask Beyoncé, a few notches above here) with series like the YouTube makeup tutorial show “Beauty Secrets” earning hundred of millions of views thanks to stars like, well, Jenner, Paltrow, Hailey Baldwin and Priyanka Chopra.

Wintour is also never far from Hollywood’s mind. Her efforts in making the annual Met Gala the American social event of the year was a key plot point in Warner Bros.’s 2018 caper “Ocean’s 8,” which features a brief cameo from Wintour herself alongside Sandra Bullock, Rihanna, Anne Hathaway, Cate Blanchett and Helena Bonham Carter.

Fall Forecast: We know where top women executives, talent, thought leaders and game changers will be at summer’s end — the inaugural Power Women Summit in Los Angeles, taking November 1 and 2.

Produced by Wrap Women, the event will be the largest ever gathering of the most influential women in entertainment, media and technology. The summit represents a significant media platform to celebrate positive examples of individuals and companies that are paving the road to greater inclusivity. It is also a launchpad and catalyst for concrete measures to help the media and entertainment industry move toward gender equity across the board.

And you can join them — start here.

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Kylie Jenner
Reality star Kylie Jenner is the highest-paid Instagram influence in the world, pulling in a whopping $1 million for a single post. Jenner, who has 110 million followers on Instagram, is on track to become the world’s youngest self-m…

Kylie Jenner Set to Become ‘Youngest Self-Made Billionaire Ever,’ Prompting Online Eye Rolls

Read on: TheWrapTheWrap.

Move over, Mark Zuckerberg. Kylie Jenner is set to become the “youngest self-made billionaire ever,” according to Forbes, thanks to her legions of social media followers.

The youngest sister from the Kardashian clan has leveraged her massive following into big bucks, making her “conservatively” worth $900 million, according to the magazine. That makes Jenner three times richer than her sister Kim Kardashian. By next year, at age 21, Jenner will likely be a billionaire.

It’s not rocket science to figure out how it happened. Jenner’s 110 million followers on Instagram — and millions more on Snapchat — give her a major audience to showcase Kylie Cosmetics, her lipstick and makeup line, on a daily basis.

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“Social media is an amazing platform,” Jenner told Forbes as part of its cover story for its new “America’s Women Billionaires” issue. “I have such easy access to my fans and my customers.”

Since launching two years ago, Kylie Cosmetics has sold more than $630 million worth of products, according to Forbes. Jenner owns 100 percent of the company, and operates with a lean staff of under 10 people. By “pouting for selfies,” as Forbes put it, Jenner has been able to show off her company and rake in the cash. In 2019, she’ll unseat Facebook CEO Mark Zuckerberg as the youngest “self-made” billionaire, who reached the mark at 23.

The “self-made” label has many rolling their eyes on Twitter.

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calling kylie jenner a ‘self-made billionaire’ is like claiming you made soup from scratch because you opened a can and reheated it.

— gulab jamun (@PedestrianPoet) July 11, 2018

Forbes put Kylie Jenner on the cover of a magazine about billionaires and called her self-made. She is quite literally neither of those things.

— David Dennis Jr. (@DavidDTSS) July 11, 2018

Listen, I by no means hate Kylie Jenner but is it really fair to call any child of a celebrity a “self made millionaire” ?

— Cody (@Franklymydear_) July 11, 2018

kylie jenner’s “self-made” empire is almost as funny as donald trump’s “small loan of 1 million dollars”

— james (@phan1om_) July 11, 2018

calling kylie jenner a ‘self-made billionaire’ is like claiming you made soup from scratch because you opened a can and reheated it.

— gulab jamun (@PedestrianPoet) July 11, 2018

Even Dictionary.com got in on the action.

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“Self-made means having succeeded in life unaided,” tweeted the Dictionary.com account.

Self-made means having succeeded in life unaided.

Used in a sentence: Forbes says that Kylie Jenner is a self-made woman. https://t.co/sr8Ncd7s5A https://t.co/ehEL7Cf6KV

— Dictionary.com (@Dictionarycom) July 11, 2018

Whether Jenner pulled herself up by her own bootstraps, or made a fortune thanks to her Kardashian ties, one thing is clear: She is definitely the breadwinner in the family, with boyfriend Travis Scott worth “only” $8 million.

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Snap Reports Anemic Q1 User Growth, Shares Drop 16 Percent

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It looks like Snapchat’s redesign wasn’t too popular after all, with Snap Inc. posting feeble user growth and missing the mark on revenue when the company reported its Q1 earnings on Tuesday.

After the bell, Snap reported $230.7 million in revenue and a loss of 17 cents a share for the three months ended March 31. On average, analysts estimated $243.5 million in revenue and a loss of 17 cents a share.

Even more concerning for Wall Street was its user growth, with Snapchat only gaining 4 million daily active users during the first quarter — about 3 million below analyst expectations. It was the fewest amount of users Snap has added in a quarter since going public 14 months ago. This comes after Snap reported a better-than-expected 8.9 million new users for its previous quarter. Snapchat now has 191 million DAUs.

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“As we have mentioned on our past two earnings calls, a change this big to existing behavior comes with some disruption, especially given the high frequency of daily engagement of our community,” said CEO Evan Spiegel in his prepared remarks. “We are already starting to see early signs of stabilization among our iOS users as people get used to the changes, but still have a lot of work to do to optimize the new design, especially for our Android users.”

Wall Street is pummeling the stock in after-hours trading, with Snap shares down 16 percent to about $11.80 a share.

Snap is also making less money off of its users than it previously has, with the company reporting $1.21 in average revenue per user — a drop from the $1.53 ARPU Snap reported for the fourth quarter of 2017.

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It doesn’t sound like things are going to turn around soon for Snap, either, with CFO Drew Vollero saying Snap’s Q2 revenue growth rate will “decelerate substantially from Q1 levels.” Snap’s revenue was up 54 percent year-over-year.

As usual, it was an interesting quarter for Snap. The company rolled out its app redesign, creating a starker separation between friends and publisher content. Spiegel said the move would make the app “easier to use.” It was met with heavy resistance, though, with more than 1 million Snapchatters signing a petition for the company to revert back to its old design. Even celebs like Kylie Jenner got in their punches on Snap, saying the redesign was “so sad.”

Snap also let go of several hundred workers during the first quarter, including about 100 members from its advertising team, and another 120 engineers.

Also Read: Facebook Is Losing Young Users to Snapchat, Study Shows

The app’s strength among Gen Z was reinforced in March, when Snap Maps highlighted students walking out of school to protest gun violence.

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Snap will hold a conference call at 5 p.m. ET. to discuss its earnings.

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