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In the original report, Forbes claimed that filings released by publicly traded Coty over the past six months reveal Kylie's business is significantly smaller than what it actually was.
In tweets, Jenner dismissed the article as "inaccurate statements and unproven assumptions lol".
In response to Forbes, Jenner wrote in a tweet: "i've never asked for any title or tried to lie my way there EVER".
The magazine claims they opted to do some fact checking and most of the experts they spoke with felt a better estimation of Jenner's overall earnings was closer to $41 million - which landed her in the 59th spot on their 2017 Celebrity 100 list.
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These claims come a year after Forbes put Kylie on the cover and hailed her the youngest self-made billionaire ever, two years in a row.
The description sparked controversy, with critics scoffing at the "self-made" title and pointing to her upbringing as a Kardashian family reality TV star.
Kylie Jenner is in disbelief after Forbes reported that she is no longer a billionaire and is wrapped up in a "web of lies". During meetings at Kris Jenner's palatial Hidden Hills, Calif. estate and the family accountant's office nearby, Forbes was shown tax returns detailing $307 million in 2016 revenues and personal income of more than $110 million for Kylie that year.
Coty's presentation to investors about the business suggested the firm did only $125m in sales in 2018. Forbes asked in the article.
"There has been raging speculation about the size of her business, with guesstimates ranging from $50 million up to $300 million", the story reads. It now estimates her net worth at "just under $900m". "We would not expect that from a supermarket tabloid, much less from Forbes".