Everything in Kylie Jenner’s office in Oxnard, California, screams “RICH!” “It’s pink, white and stunning all over,” describes one media outlet. There are leather couches, multiple conference rooms and photo studios, even a vending machine that strictly carries Moët & Chandon champagne. “Kylie has expensive tastes,” a source close to the Kylie Cosmetics mogul exclusively tells In Touch. “She wants the best of everything — and usually gets it.”

But the reality star may need to start tightening the belt a little. “She doesn’t have as much money as everything thinks,” claims the source. Even Forbes got it wrong. In April 2020, they dubbed Kylie, 26, the world’s youngest “self-made” billionaire, citing her net worth at $1.2 billion. However, a month later, Forbes released a statement accusing Kylie of forging tax documents so she would appear to be a billionaire. The publication also accused her of fabricating revenue figures for Kylie Cosmetics, citing documents Coty Inc (which has acquired a majority stake in Kylie Cosmetics) had released. (Kylie called the allegations “inaccurate” and “unproven.”) Forbes concluded that Kylie Cosmetics was significantly smaller and less profitable than previously reported. “So if Kylie continues hemorrhaging money,” says the source, “she could end up going broke.”

According to Statista, Kylie Cosmetics’s online store, kylie cosmetics.com, saw its e-commerce net sales decline from $68.7 million in 2017 to $36.2 in 2022. It’s estimated online sales will further decline to $29 million in 2024. Kylie reportedly doesn’t like how the company has been managed and wants to buy back control of the brand she sold for $600 million in 2020. (A spokesman for Coty declined to comment.) “Whether she can come up with money to do that,” says the source, “remains to be seen. She may have to find new ways to generate cash.”

Perhaps she already has. In March, Kylie launched Sprinter, a line of canned vodka sodas in four flavors — black cherry, peach, grapefruit and lime. (An eight-can variety pack costs $20 at retailers like Gopuff.) Weeks earlier, she debuted her cruelty free fragrance, Cosmic, and in November she launched her clothing brand, Khy. “It’s hard to gauge if any of those ventures will be as lucrative as Kylie Cosmetics,” says the source. “But if they flop, Kylie’s bank account could take another huge hit.”