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Thanks to the stock market’s remarkable rebound since the S&P 500 bottomed out in March 2020, a lot more people gained billionaire status over the past year than lost it. Just 61 of the 2,095 billionaires on last year’s World’s Billionaires list saw their fortunes dip below $1 billion this year, the smallest number since 2011, when 41 dropped off—though there were only 1,209 billionaires that year.
The most well-known departure is reality TV star Kylie Jenner. For years, Jenner and her savvy family trumpeted rosy revenue figures for her Kylie Cosmetics. When publicly traded Coty bought 51% of the business in early 2020 at a $1.2 billion valuation, it appeared to validate her status as a billionaire. But Coty’s subsequent filings showed Kylie Cosmetics was about half the size the Jenners had led Forbes and others to believe, and “momager” Kris Jenner likely also holds a stake.
Read the full profile on Forbes: https://www.forbes.com/sites/hanktucker/2021/04/06/kylie-jenner-west-virginia-governor-jim-justice-and-59-others-who-lost-their-billionaire-status-this-year/?sh=14be54ee3eee
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