Donald Trump Is No Longer Among the 400 Wealthiest Americans Listed by Forbes, and Here's Why
It currently takes a net worth of $2.9 billion to join the Forbes 400 list, and the privileged group that has made it this year is worth a total of $4.5 trillion. Technology companies' shares accounted for over half of the market's gains, and some of the 'shining stars' on it are Larry Ellison, Mark Zuckerberg, Jensen Huang, and Michael Dell. However, you may recognize that an oft-seen name did not appear on the list: Donald Trump.
Forbes still estimates Trump's net wealth to be $2.6 billion. Hence, there is no debate over whether the former President is a billionaire. However, the reason he has been excluded from the list this year is that his net worth decreased significantly by about $600 million. This is a significant drop considering the magazine estimated Trump's net worth in 2022 was $3.2 billion, which is why he was included on the Forbes 400 list previously.
Although Trump's personal and legal scandals are aplenty, it turns out Truth Social, his social media company, is the primary reason for his decreased value. It was previously Trump's hope that a sizable fraction of the US population would use the site; however, it never happened. Only six and a half million people have joined thus far—around one percent of all users on X (formerly Twitter), as per Forbes. But it's not just his digital ventures that have led to losses.
It also turns out that Trump's office towers fell in value by $170 million. In particular, the 1.8 million square foot project at 555 California Street, in the center of San Francisco, in which Trump has a 30% share along with Vornado Realty Trust, accounts for the bulk of this drop. Even though occupancy increased from 94.2% in 2022 to 94.5% this year, and rentals increased by 3% (to $93 per square foot), the property's future prospects remain unsure. After all, as per the aforementioned Forbes report, more than half of the building's total rent is generated by leases that will expire by the end of 2026.
Donald Trump was dropped from the Forbes 400 list of richest Americans. ROFL 🤣 pic.twitter.com/GZZaBfEaPX— ᗰᗩƳᖇᗩ ℙ𝕙𝕠𝕥𝕠𝕘𝕣𝕒𝕡𝕙𝕪 (@LePapillonBlu2) October 4, 2023
As per the New York Times, Last month, a New York court placed the former President's economic empire under the microscope when he ruled that Trump had overstated the worth of his buildings to get more favorable terms on loans and insurance. New York Attorney General Letitia James sued Trump last year, accusing him of fraud and demanding the cancellation of his business certificates for any entities in the state that benefited from deceptive practices. If the ruling stands, Trump could lose control over some of his most famous New York real estate. Almost a dozen of Trump's and his organization's properties may be affected by Justice Engoron's impending decision.
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Trump is no stranger to adversity; this is not his first time being removed from the Forbes 400 list. In 1982, Donald and his father, Fred Trump, got on the inaugural list by lying to a reporter and claiming to have a greater net worth than Fred really did. Trump took out huge debts that led to huge bankruptcies, and he was removed from the list in 1990 when Forbes revealed major issues with his debt-fueled enterprise. Trump, though, eventually overcame his difficulties and reclaimed his place among the 400 richest Americans. He was included on the list from 1996 to 2021, but the cumulative effects of the past few years and one year of COVID-19 caused him to fall off.
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