Former President Donald Trump, once a fixture on Forbes magazine’s annual list of America’s wealthiest individuals, has been omitted from this year’s Forbes 400 ranking. Forbes attributes this change to a significant decline in Trump’s estimated net worth, which now stands at $2.6 billion, down from $3.2 billion the previous year.
Trump’s exclusion from the Forbes 400, while not financially crippling for the billionaire, holds symbolic importance. Forbes noted that Trump had been fixated on this annual ranking for decades, often making false claims to boost his position.
One factor contributing to Trump’s financial setback is the underperformance of his social media venture, Truth Social. Originally projected to have 40 million users by the end of the year, the platform has fallen short, with just 6.5 million users. Additionally, a planned public offering for Trump Media & Technology Group, the parent company of Truth Social, has faced regulatory hurdles.
Forbes further downgraded the value of Trump’s media company from $730 million to $100 million due to these challenges. Trump’s real estate assets, particularly his office buildings, also saw a decline in value, with a San Francisco property, in which Trump holds a 30% stake, suffering from a struggling rental market.
On a positive note, Trump’s golf properties have seen an uptick in revenue, reaching nearly $150 million, compared to $108 million before the pandemic. However, amidst these financial ups and downs, Trump faces a $250 million civil lawsuit alleging widespread fraud in financial statements provided to banks.
This year’s exclusion from the Forbes 400 list marks another chapter in Donald Trump’s complex history with the ranking. He made his debut alongside his father in 1982, although he exaggerated his financial stake at the time. Trump fell off the list in 1990 but later regained his position in 1996, remaining on it until 2021, when he was initially dropped. He re-entered the list in 2022 with the valuation of his stake in Trump Media & Technology Group.
As Trump faces financial challenges and legal battles, his absence from the Forbes 400 reflects the shifting fortunes of a prominent figure in American business and politics.
Credit: CBS News
