Donald Trump is no longer on the Forbes 400 list. He has disappeared from the magazine's ranking of the 400 richest people in the United States, which has estimated the former president's fortune at $2.6 billion, around $300 million less than the cutoff.
Forbes revealed in an article that in 2023 Trump's net worth fell by about $600 million compared to 2022.
The magazine's editor Dan Alexander, author of the article, accused the Republican primary candidate of "relentlessly lying to reporters" to be able to get on the list that "obsessed" the former president for "decades."
Truth Social and real estate losses to blame for Trump losing his place on the list
However, the article explains that this is not the reason why Trump is no longer on the list. The real reason lies in the financial losses that Trump has experienced in recent months due to his enormous investment in promoting Truth Social as well as his real estate losses in San Francisco and New York.
The greatest loss comes from his social network. Trump owns a 90% stake in Truth Social's parent company. However, the platform hasn't taken off. It only has 6.5 million registered users. This is approximately 1% of the total number of registered users on X (formerly Twitter). That is particularly disappointing to shareholders and has caused its value to fall from $730 million to less than $100 million.
Trump's properties in San Francisco and New York are not helping either. According to the magazine, he owns several office buildings. Their overall value decreased by approximately $170 million. According to the magazine, the most affected property is located at 555 California Street in San Francisco.
Trump's golf courses have done much better than his other properties. Forbes reported that Trump's golf courses in six states brought in $150 million in revenue. This number is significantly higher than the $108 million they brought in before the pandemic. However, it is still not enough to put him back on the Forbes 400 list.
