Former President Donald Trump has lost a lot of wealth recently, enough that he’s no longer on the Forbes 400.
That list, which ranks the wealthiest individuals in America every year, was released by Forbes magazine on Tuesday.
While Trump still has a massive fortune – he’s a billionaire, after all – his estimated net worth dropped to $2.6 billion this year, according to Forbes. Last year, the magazine estimated that he had a net worth of $3.2 billion, which placed him firmly on the Forbes 400 list. It’s also roughly 19% decrease in net worth from year to year.
In order to make this year’s list, one would have to have a net worth of $2.9 billion, which put Trump about $300 million off. At the top of this year’s rankings is Elon Musk, the CEO of Tesla and other companies, who has an estimated net worth of $251 billion.
While some may think that not being included on the Forbes 400 list would be a minor concern for Trump – who is not only trying to win the White House for the second time but is also facing four criminal indictments. However, Forbes did claim that the list is something “that Trump has obsessed over for decades, relentlessly lying to reporters to try to vault himself higher on the list.”
The magazine may have been taking a shot at Trump as he, his sons and his company are all facing a civil lawsuit in New York, accusing them of overvaluing a lot of their properties and wealth.
The biggest culprit of Trump’s decline in net worth from last year to this year, according to Forbes, is his social media company, Truth Social.
Thus far, the project has fallen well short of expectations. Trump at one point had said that he expected there to be more than 40 million users on the site in 2023.
As of the end of September, though, there are only 6.5 million users on the platform, which represents just 1% of the total user base for X, the social media platform once called Twitter.
A deal that would’ve likely increased the company’s value has faced many different reviews from regulatory agencies. As such, the deal that would take the Trump Media & Technology Group, the parent company of Truth Social, public has been stalled multiple times.
As Forbes wrote:
“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.”
The challenges that the platform is facing forced Forbes to lower its value of Trump Media & Technology Group to $100. That’s a massive drop from the $730 million it valued the company at in 2022.
Forbes also said that the office buildings that Trump owns in his portfolio decreased in value by $170 million this year, which contributed to his big drop in overall net worth.