For the second time in three years, former President Donald Trump has fallen off Forbes’ prestigious list of the 400 wealthiest people in the United States. His estimated net worth of $2.6 billion places him $300 million below the cutoff for The Forbes 400 ranking of America’s richest individuals. Trump, who has long been obsessed with his standing on this list, has faced significant declines in his fortune, a situation compounded by several key factors.
Truth Social Tanking
The primary reason behind Trump’s declining net worth is the drastic decrease in the value of his social media venture, Truth Social. Launched after his defeat in the 2020 presidential election, the platform’s estimated worth has plummeted from $730 million to less than $100 million. Despite reports indicating 6.5 million sign-ups, only 2 million users were active on the platform in September, as per Search Logistics.
A Plummeting Portfolio
Trump’s real estate investments have also played a role in his financial downturn. The value of his office buildings in San Francisco and New York has dropped significantly, contributing to his diminished fortune. His Manhattan portfolio, valued at $770 million after debt, has seen a decline from $1 billion a year ago due to rising interest rates, according to Forbes.
Exaggerated Net Worth
Another factor impacting Trump’s net worth is the alleged inflation of his wealth. In the latest civil suit filing, it was claimed that Trump’s net worth was exaggerated by between $1.9 billion and $3.6 billion. The lawsuit highlights the overstated size of Trump Tower, a property he has purportedly misrepresented for years. While property records indicate 235,000 square feet, Trump claimed the building included 246,000 square feet of retail and office space.
In addition to these financial challenges, Trump faces legal troubles, including a $250 million civil fraud trial brought by New York Attorney General Letitia James. The case accuses Trump, his two adult sons, his company, and top executives of inflating asset values for tax benefits and favorable loan terms. The trial commenced on October 2, 2023.
Despite these setbacks, Trump’s popularity within the Republican party appears undiminished. He leads in Republican presidential polling and is a strong contender to face President Joe Biden in the 2024 race for the White House. Alongside his financial and legal challenges, Trump continues to be a prominent figure in American politics, maintaining his influence on the national stage.
