Former President Donald Trump has been unceremoniously ousted from The Forbes 400 list of richest Americans, marking the end of a 25-year-long streak. Trump’s estimated fortune, which once soared to $2.6 billion, has taken a significant hit, falling short of the list’s criteria by a substantial $300 million. Several factors have contributed to this precipitous decline in wealth, including the fate of his social media venture and the depreciation of his real estate holdings.
One of the major contributors to Trump’s financial woes has been the underperformance of his much-anticipated social media platform, Truth Social, and the corresponding devaluation of his stake in its parent company. This setback comes as a blow to the former president’s post-presidential ambitions and business endeavors.
Furthermore, Trump’s high-profile office buildings in San Francisco and New York have also witnessed a notable decrease in value, adding to the erosion of his wealth.
Notably, this dip in fortune coincides with the commencement of Trump’s civil fraud trial in New York, where he faces a lawsuit from the New York Attorney General over alleged fraudulent activities. The trial promises to be a legal battle of epic proportions, with significant implications for Trump’s future and financial standing.
In a startling revelation, Michael Cohen, Trump’s former attorney, disclosed that Trump had artificially inflated his assets to secure a higher position on The Forbes list in the past, shedding light on the complexities of valuing the former president’s financial empire.
Trump’s exclusion from The Forbes 400 list marks the end of an era. He had been a fixture on the list since 1996, with his fortune experiencing ups and downs. In 2021, Trump’s wealth dipped to $2.5 billion, a decline attributed to his decision to retain assets rather than investing in an index tracking fund and the economic impact of the COVID-19 pandemic on his properties.
As the former president grapples with both legal battles and financial setbacks, the trajectory of his fortune remains uncertain, leaving many to ponder the implications for his business empire and political aspirations.
