It isn't just that the news could harm the entire Jenner-Kardashian brand, but the so-called momager is apparently concerned about the legal implications of the report. A source spoke to The Sun about the shocking allegations.
"Kris and Kylie are freaking out and fear that this is going to hurt their brand, and even worse, they could be in trouble with the government," the source said.
The pair is apparently "definitely worried" about the legal problems that they could be facing after Forbes reported that Jenner likely forged tax documents to make it look like her company was worth more than it actually is.
They claim that the makeup mogul inflated her value and they recalculated that her net worth was actually closer to under $900 million, stripping her of the title of the youngest self-made billionaire ever, a status that she was given in 2019.
"Kylie's business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe," Forbes reported.
The magazine claimed that the Kylie Cosmetics CEO worked harder than normal to make herself look good to their writers by "inviting Forbes into their mansions and CPA's offices, and even creating tax returns that were likely forged."
It also detailed how sales at Kylie Cosmetics were likely lower than had previously been reported, though they said that the numbers could be due to a contraction at the company.
While Jenner hasn't issued a statement to the public about the situation, her daughter took to Twitter to slam the report."I thought this was a reputable site. All I see are a number of inaccurate statements and unproven assumptions lol. I've never asked for any title or tried to lie my way there EVER. period," she claimed.
As The Inquisitr previously reported, Jenner also had her legal team demand a retraction from the magazine. Lawyer Michael Kump said that the article was filled with "outright lies" and that the news outlet should retract its story.
Forbes issued a statement saying that it stood by the story and that they had spent months vetting the facts before deciding to go ahead with the report. In the article, the outlet did admit that it couldn't prove that any documents were faked, but accused Jenner and her team of lying.