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Coty Shares Tumble After Forbes Questions Kylie Jenner’s Wealth

  • Jenner calls its report inaccurate in series of Twitter posts
  • Any suggestion Coty overpaid for brand will ‘shake investors’
Kylie Jenner
Kylie JennerPhotographer: Gregg DeGuire/FilmMagic/Getty Images

Coty Inc. tumbled Friday after Forbes reported that Kylie Jenner allegedly provided the magazine with misleading financial information about her cosmetics brand.

Shares of Coty, which acquired a majority stake in Kylie Cosmetics last year, dropped 13% to close at $3.63, extending its 2020 decline to 68%.