Former President Donald Trump has experienced a significant setback as he finds himself excluded from Forbes 400 list of the wealthiest Americans.
His net worth has taken a substantial hit, plummeting by 19%, equating to a staggering $600 million drop, leaving his estimated total wealth at $2.6 billion. This places him $300 million below the threshold set by Forbes for inclusion in the prestigious list, marking the second instance in three years where Trump failed to secure a spot.
While figures for prominent figures like Elon Musk, Jeff Bezos, and Larry Ellison have remained steady or surged, Trump’s financial standing has endured a double-digit decline.
This downturn is primarily attributed to a decline in the value of his social media venture, Truth Social, as well as his office real estate holdings. Truth Social, envisioned as a potent rival to platforms like Facebook and Twitter upon its launch in February 2022, has struggled to gain traction, amassing only 1% of the user base that Twitter (formerly known as X) boasts. Consequently, Forbes revised down the estimated worth of Trump’s 90% stake in Truth Social from $730 million last year to less than $100 million.
The real estate sector, a cornerstone of Trump’s investments, is also under pressure. An investigation revealed that Trump and his adult sons had inflated the value of their real estate holdings, contributing to their financial woes. With an abundance of vacant office spaces in cities like San Francisco due to remote work trends, the commercial real estate market has experienced significant strain. As a result, Trump’s stake in 555 California Street, a prominent skyscraper, has seen a 30% decrease in value.
Despite these setbacks, Trump’s golf courses remain profitable, and he still holds a substantial cash reserve of $426 million, primarily generated through book sales, public speaking engagements, and various deals in recent years.
This cash position stands as Trump’s most valuable asset. While this exclusion from the Forbes 400 list is a notable financial blow, it’s worth acknowledging that these rankings rely on estimates and projections, making them an imperfect science.
Trump’s history with Forbes also includes instances where he misrepresented information to secure a spot on the list, underscoring the complexity of assessing the wealth of high-profile individuals.