Donald Trump out of Forbes 400 list of wealthy Americans

Former US president Donald Trump has dropped out of the Forbes 400 list of wealthy American individuals after his net worth dwindled by more than $600 million.

Trump’s net worth now stands at $2.6 billion, according to the magazine, which had valued the real estate tycoon at $3.2 billion in the 2022 list.

The richest person continues to be Tesla CEO Elon Musk, with a net worth of $251 billion,accordingto the ranking.

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The exclusion comes in the wake of Trump facing a civil fraud trial in New York where he is accused of vastly overrepresenting his wealth and the values of many of his properties.

Forbes said that Trump, “who has been obsessed with getting featured on the list for decades”, had been relentlessly “lying to reporters to try to vault himself higher on the list”.

Truth Social

The biggest reason for Trump’s exit from the list has been attributed to his Truth Social, the social media platform launched after he was banned from Twitter (before it was rechristened to X) in the wake of the Capitol riots.

So far, Trump’s social media platform has been able to attract only 6.5 million users, about 1 per cent of X.

The former president’s 90 per cent stake in Truth Social’s parent company has plummeted in value from an estimated $730 million to less than $100 million, Forbes noted.

"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," Forbes noted.

It comes as Trump Media & Technology Group, the parent company of Truth Social, has been unable to take the company public due to negative reviews by regulatory agencies.

Trump’s real estate worth

Forbes has also noted that apart from Truth Social, Trump’s office buildings have also declined in value by $170 million.

Among those is the San Francisco property, 555 California Street, 30 per cent of which is owned by Trump, the magazine said.

Leases that generate about half the building's rent are coming up for renewal, but the building is located in a "struggling" area of San Francisco.

Neighbouring buildings have sold for less than the building cost in 2005, which indicates that 555 California is worth less than it used to be.

(With inputs from agencies)

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