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Kylie Jenner at the 2020 Vanity Fair Oscar Party. Photo: Toni Anne Barson/WireImage via Getty Images

Forbes Magazine revoked its declaration that Kylie Jenner is a billionaire on Friday, accusing the social media influencer of inflating her income from her cosmetics company, Kylie Cosmetics, as part of a "web of lies."

Why it matters: The accusations undermine the integrity of the entire Kardashian-Jenner business empire, while calling into question the real value of a brand versus its perceived value on social media. They also highlight the murkiness of the heavily under-regulated influencer economy.

  • The FTC has begun to call out influencers for false commercialization. But former FTC officials have conceded to Axios that the agency is widely under-resourced when regulating these matters — and has heavily relied on social media platforms to regulate the influencer economy.

By the numbers: Jenner sold 51% of her brand to beauty company Coty in a deal that valued Jenner's company at $1.2 billion in January. But after looking at Coty's public filings over the past six months, Forbes concluded the company is smaller than the family had led media outlets to think.

  • Forbes says Coty's filings indicated Jenner's business only generated about $125 million in 2018, far lower than the $360 million it had led Forbes to believe.
  • Jenner's representatives told Forbes the media personality's skincare line had $100 million in revenue in its first month and a half in 2019, but filings showed it was on track for $25 million in sales from its launch in May through the end of last year.

What they're saying: "The business was never that big to begin with, and the Jenners have lied about it every year since 2016 — including having their accountant draft tax returns with false numbers — to help juice Forbes’ estimates of Kylie’s earnings and net worth," Forbes' Chase Peterson-Withorn and Madeline Berg wrote.

  • "While we can’t prove that those documents were fake (though it’s likely), it’s clear that Kylie’s camp has been lying."

What she's saying: Jenner denied Forbes' allegations in tweets Friday, in which she described the Forbes article have "a number of inaccurate statements and unproven assumptions."

The bottom line: Forbes says that a more realistic assessment of her net worth puts it "just under $900 million" — still a huge number despite the exaggerations about her company's size and the resultant effects of the coronavirus pandemic on its business.

Go deeper

8 hours ago - Health

Food banks feel the strain without holiday volunteers

People wait in line at Food Bank Community Kitchen on Nov. 25 in New York City. Photo: Michael Loccisano/Getty Images for Food Bank For New York City

America's food banks are sounding the alarm during this unprecedented holiday season.

The big picture: Soup kitchens and charities, usually brimming with holiday volunteers, are getting far less help.

11 hours ago - Health

AstraZeneca CEO: "We need to do an additional study" on COVID vaccine

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

AstraZeneca CEO Pascal Soriot said on Thursday the company is likely to start a new global trial to measure how effective its coronavirus vaccine is, Bloomberg reports.

Why it matters: Following Phase 3 trials, Oxford and AstraZeneca said their vaccine was 90% effective in people who got a half dose followed by a full dose, and 62% effective in people who got two full doses.

Updated 13 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus cases rose 10% in the week before Thanksgiving.
  2. Politics: Supreme Court backs religious groups on New York coronavirus restrictions.
  3. World: Expert says COVID vaccine likely won't be available in Africa until Q2 of 2021 — Europeans extend lockdowns.
  4. Economy: The winners and losers of the COVID holiday season.
  5. Education: National standardized tests delayed until 2022.

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