The Forbes billionaires list came out earlier in the week and already there are members of the Fabulous Fortune Fraternity that claim the story about their wealth is pure fiction.
Kim Kardashian is one of those people. While she cracked the list for the first time, with Forbes listing her net worth as an even $1 billion, Kim said the magazine’s math skills are subpar at best.
Here’s why: her SKIMS line took in a round of funding that tripled the value of the company. Forbes listed SKIMS as being worth $500 million, but they did not take into account the $154 million that recently came in, increasing the value of Skims to $1.6 billion.
The New York Times said Kim’s net worth is hundreds of millions of dollars higher than what Forbes reported it to be, since she is the single largest shareholder in her SKIMS line of underwear, loungewear and shapewear.
Forbes did cover their tracks in the billionaire issue by saying that they valued SKIMS value “conservatively” at $500 million, but to be off by 66% means this is the second big Kardashian/Jenner blunder in the last couple years.
The magazine erroneously listed Kim’s sister Kylie Jenner’s billionaire status a little prematurely, and the youngest sibling in the Kardashian/Jenner family is listed with a $700 million net worth this year according to Forbes.
So why has SKIMS taken off, and tripled its value? According to Kim, it’s because the company pivoted from shapewear and undergarments to making pajamas and loungewear more of the focus.
Oh, and Kim dropped this other money nugget to the New York Times. She fully expects all her sisters to eventually hit billionaire status, and she doesn’t rule it out for her kids.