Former US President Donald Trump’s net worth has decreased by more than $600 million, removing him from the Forbes 400 list of affluent Americans.
According to the magazine, Trump’s net worth is now $2.6 billion, down from $3.2 billion in the magazine’s 2022 list.
According to the ranking, the richest individual is still Tesla CEO Elon Musk, who has a net worth of $251 billion.
Trump’s exclusion comes as he faces a civil fraud trial in New York, where he is accused of substantially exaggerating his wealth and the valuations of many of his properties.
Forbes said that Trump, “who has been obsessed with getting featured on the list for decades”, had been relentlessly “lying to reporters to try to vault himself higher on the list”.
Trump’s 90% share in Truth Social’s parent business has dropped in value from an estimated $730 million to less than $100 million
The main cause for Trump’s departure from the list has been linked to his Truth Social, the social media network founded after he was banned from Twitter (before it was renamed X) in the aftermath of the Capitol riots.
So yes, Trump’s social media platform has only attracted 6.5 million members or approximately 1% of X.
According to Forbes, the former president’s 90% share in Truth Social’s parent business has dropped in value from an estimated $730 million to less than $100 million.
“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,” Forbes noted.
It comes as Trump Media & Technology Group, Truth Social’s parent business, has been unable to take the company public owing to negative regulatory reviews.
Trump’s net worth in real estate
Aside from Truth Social, Forbes reports that Trump’s office towers have lost $170 million in value.
Among them is 555 California Street in San Francisco, which Trump owns 30% of, according to the magazine.
Leases covering around half of the building’s rent are up for renewal, yet the structure is in a “struggling” San Francisco neighborhood.
Neighboring buildings have sold for less than the building cost in 2005, implying that 555 California is less valuable than it once was.