Kylie Jenner has become the world’s youngest self-made billionaire, according to Forbes billionaires’ list.

The youngest Kardashian family member is making her fortune from her best-selling cosmetics business.

The 21-year-old founded and owns Kylie Cosmetics, the three-year-old beauty business that generated an estimated $360m in sales last year.

She reached the milestone earlier than Facebook founder Mark Zuckerberg who became a billionaire aged 23.

“I didn’t expect anything. I did not foresee the future. But [the recognition] feels really good. That’s a nice pat on the back,” Ms Jenner told Forbes.

The list shows Amazon’s founder, Jeff Bezos, remains the world’s richest man. His fortune totals $131bn, according to Forbes, up $19bn from 2018.

But the billionaires’ combined worth is down from $9.1 trillion at $8.7tn.

Facebook founder Mark Zuckerberg’s wealth is among those falling. It has dropped by $8.7bn (£6.6bn) in the past year to $62.3bn, according to the Forbes list.

His shares in Facebook at one point lost a third of their value as the company battled privacy scandals.

Amazon’s share price has been good for Mr Bezos’ bank balance and the gap between him and the number two, Bill Gates, is a little wider, even though Mr Gates’ fortune has swelled to $96.5bn from $90bn last year.

Of all the billionaires on the list only 252 are women, and the richest self-made woman is real estate mogul Wu Yajun of China, worth an estimated $9.4bn.

The number of self-made women reached 72 for the first time, up from 56 a year ago.

How self-made are these billionaires?
Forbes defines being self-made as “someone who built a company or established a fortune on her own, rather than inheriting some or all of it.”

To account for the benefits of family wealth and to better reflect how far some people have come in relation to others, Forbes introduced a scale in 2014 that ranges from 1 for someone who entirely inherited their wealth to 10 for someone who is entirely self-made.

Oprah Winfrey, for example, who was raised by a single mother in poverty, is a 10, according to Forbes. Similarly George Soros, who survived the Nazi occupation of his home country of Hungary and later fled to England where he worked his way through the London School of Economics as a railway porter and waiter, is also a 10.
On the other end of the spectrum are people who have inherited wealth and have not actively worked to increase it. Alice Walton, the only daughter of Walmart founder Sam Walton, and Laurene Powell Jobs, the widow of Steve Jobs, are 1s.

Where does Kylie Jenner fall? At a 7.

She is just one notch below Jeff Bezos, Warren Buffett and Mark Zuckerberg, who are all 8s on Forbes’ scale.
But she’s considered more self-made than Meg Whitman, who went to Princeton University and Harvard Business School before becoming an executive, and Sheryl Sandberg, who also attended Harvard University and is now the chief operating officer at Facebook.

And according to Forbes, Jenner is more self-made than President Donald Trump. He rates a 4 on the scale.

The vast majority of the world’s wealthiest are self made, according to Wealth X, which tracks global wealth.

About 30% of the ultra wealthy — who, like Jenner, have wealth that exceeds $30 million — received some or all of their fortune from inheritance. But a higher proportion, 70%, created their own wealth.

It’s been a tough year for Facebook. The social networking juggernaut found itself engulfed by controversies over fake news, electoral interference, privacy violations, and a broad backlash to smartphone addiction. Wall Street has noticed: The company has lost almost $100 billion in market value in recent weeks.

Behind Facebook’s hard year is a collision between the company’s values, ambitions, business model, and mind-boggling scale. Mark Zuckerberg, the founder of Facebook, has long held that the company’s mission is to make the world more open and connected — with the assumption being that a more open and connected world is a better world. That assumption has been sorely tested over the past year.

As we’ve seen, a more open world can make it easier for governments to undermine each other’s elections from afar; a more connected world can make it easier to spread hatred and incite violence.

In 2017, Facebook hit more than 2 billion monthly users — and that’s to say nothing of the massive user bases of Facebook-owned properties like Instagram and WhatsApp.

There is no way to track, or even understand, all that is happening on Facebook at any given time. Problems that look small in the moment — like organized disinformation campaigns mounted by Russia — reveal themselves, in retrospect, to be massive, possibly even world-changing, events.

Read full interview on Vox

Facebook has made a series of changes to the kinds of data third-party apps can collect from the social network.

The adjustments are designed to limit the information apps can gather from users following the Cambridge Analytica scandal, which Facebook now says may have affected up to 87 million users, up from the “approximately” 270,000 initially reported to have downloaded the app by the social media giant in March.

The new policies appear to be affecting the performance of the dating app Tinder.

What users experiencing the glitch are seeing when they try to access Tinder.

Users on Twitter, as well as several people in WIRED’s offices, have reported issues logging into the app, instead finding themselves in a never-ending loop between Facebook and Tinder: If you try to log into Tinder with your Facebook account, the app asks you to provide Facebook more permissions. But if you tap “ask me,” the only option available, the app requests again that you log into Facebook.

This process continuously repeats. Downdetector, a site that monitors website and app outages, is also reporting an uptick in problems related to the dating app today.

Tinder doesn’t require social media profile integration to work—users can sign up with their phone number—but many people choose to sign up with their pre-existing Facebook accounts because it makes it easier to use Facebook photos in the app, and to find out if a potential match has mutual friends on Facebook.

As part of its new app integration policies, Facebook will now “need to approve all apps that request access to information such as check-ins, likes, photos, posts, videos, events and groups,” according to a blog post from Mike Schroepfer, the company’s chief technology officer.

Facebook began approving these permissions individually in 2014, but it is now tightening the review process, requiring that apps sign agreements before gaining access to this data.

Mark Zuckerberg’s Facebook is reportedly working on a video chat device for the living room this year with its first consumer hardware device.

According to sources close to the firm, the company will unveil a $499 (£370) video chat system to rival Amazon’s Echo Show in May.

Named ‘Portal’, it will feature a laptop-sized touchscreen and smart camera technology boosted by artificial intelligence.

The firm plans market it as a way for friends and family to video chat from a communal hub.

This puts in in direct competition with Amazon who has positioned its Echo Show device as a social hub for the kitchen.

If report are correct, Portal will be available for consumers in the second half of this year.

The device will feature a wide-angle camera, microphone, and speakers boosted by artificial intelligence, and it will be geared for communal use in the living room.

A version in testing would enable the camera to automatically scan for faces in the room and link them to their Facebook accounts.

Like Amazon’s screen-equipped Echo Show, the device will be controlled by voice-command and designed for indoor use.

Facebook intends to let Portal access third-party streaming services like Spotify and Netflix, the report claims.

While Facebook itself has not confirmed any rumours, Andrew Bosworth, the company’s Vice President of augmented and virtual reality, wrote on Twitter: ‘Can’t comment on speculation but can confirm it’s going to be an exciting year for AR/VR. #F8’.

The comment suggests Facebook could announce Portal in May at the company’s F8 developer conference.

According to a new report from online news outlet, Cheddar, The device will act as the first of many Facebook products for the home.

Facebook intends to let Portal access third-party streaming services like Spotify and Netflix, the report claims.

The firm recently signed big music licensing deals with Sony/ATV and Universal Music Group.