Ex-President Donald Trump dropped off Forbes’ 400 richest Americans list while appearing in a civil fraud trial that threatens to end his business career in New York.
Trump’s estimated fortune is $2.6billion – $300million short of making The Forbes 400 ranking.
‘Donald Trump is no longer rich enough for the country’s most exclusive club,’ stated Forbes on Tuesday, the second day of the trial that he appeared for at New York Supreme Court.
Trump’s net worth plummeted more than $600million over the past year. That was owed in part to his office buildings losing value.
In New York City, Trump has a 30% stake in 1290 Avenue of the Americas, which is controlled by publicly traded Vornado Realty Trust and is down about $60million, according to Forbes. The building is close to 100% occupancy but its biggest tenant, Equitable Holdings, is moving next year.
Trump also holds a 30% stake in 555 California Street in San Francisco, and leases making up more than half of the office building’s rent are due to expire at the end of 2026.
The bigger contributor to Trump’s net worth falling is his Truth Social platform, which has roughly 6.5million users, about 1% of the numbers X (formerly Twitter) has. Trump’s 90% stake in the social media platform has slashed in value from about $730million to less than $100million.
‘If Trump’s platform were thriving, he would probably have no trouble finding alternate financing. But it’s not, and there is little reason to be optimistic about Truth Social’s future,’ stated Forbes.
‘After all, if people are not logging on to Trump’s platform to hear what he has to say now – while he is simultaneously facing a series of indictments and steamrolling the Republican presidential primary – they probably never will.’
Trump was knocked off The Forbes 400 for the first time in 25 years in October 2021. At the time, his wealth was estimated at $2.5million, which was $400million shy of the cutoff for the list that year. His net worth diminished every year while serving as president, and the coronavirus pandemic also had an impact on his real estate empire.
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