Did Coty bother to investigate (due diligence), or did they just take the word of a 22 year old Instagram “influencer?”
there is a tax person here that opined on this.
yes, coty would have done due diligence.
and therein is why she is going to get nailed..IF she did anything wrong.
The tax person said she may try to blame it on someone else.
Billionaire? That’s nothing. I’m selling my name for a TRILLION dollars. :-P
“Did Coty bother to investigate (due diligence), or did they just take the word of a 22 year old Instagram “influencer?””
It seems so. Forbes got the info because of the deal
“Forbes published an article based on an examination of financial filings after the beauty mogul sold a majority share in her cosmetics company.”
So the buyer clearly had the same numbers that Forbes had.
“Jenner sold a 51 percent stake in her Kylie Cosmetics brand to beauty giant Coty in January for $600 million in a deal that valued the company at $1.2 billion.”
The article says Jenner herself isn’t a billionaire. It didn’t say the buyer overpaid due to misrepresentation to the buyer.
that’s what I’m wondering. This seems pretty ridiculous on it’s face. Perhaps Forbes got duped but I doubt Coty did.
I watched a movie recently (although it’s older) with Richard Gere. He had a company that he fraudulently presented as being worth more than it was. A CEO of a publicly traded co agreed to buy Gere’s company, found out about the fraud and then decided to buy it anyway as it would look good to the market/his own investors.
Perhaps Coty committed fraud.