Former President Donald Trump has been dropped from the Forbes list of the 400 richest Americans while his trial continues for allegedly overstating his vast fortune.
“With an estimated fortune of $2.6 billion, he’s $300 million short of the cut” for “the annual measurement that Trump has obsessed over for decades, relentlessly lying to reporters to try to boost himself up the list,” the magazine said Tuesday.
His net worth is down more than $600 million from the same time last year, Forbes reported as Trump returned to court for a third day.
The main reason for Trump’s financial decline is his stalled deal to combine his Truth Social platform with his other assets in a special purpose acquisition company, or SPAC, according to Forbes — something he announced he would do just weeks after previously delisting in 2021.
Only about 6.5 million people have signed up for Truth Social so far, Forbes reports, or about 1% of the total for X, the new name for Twitter.
Former President Donald Trump was dropped from Forbes’ list of the 400 richest Americans this year.AP
As a result, Trump’s 90% stake in the platform’s parent company — Trump Media and Technology Group — fell in value from $730 million to less than $100 million.
“If Trump’s platform thrives, he may have no problem finding alternative financing,” wrote the Forbes editorial board.
“But it’s not, and there’s little reason to be optimistic about Truth Social’s future.
“After all, if people aren’t flocking to Trump’s platform to hear what he has to say right now — while he’s simultaneously facing a series of indictments and launching the Republican presidential primary — they probably won’t.”
Trump previously dropped from the Forbes 400 list in the 1990s after “he cheated his way into sharing a spot on the inaugural list in 1982 with his father Fred Trump, by convincing a reporter that he held a larger percentage of Fred’s fortune than he actually did ,” the magazine claimed.
“Trump acquired massive loans that led to massive bankruptcies, and he dropped off the list in 1990, when Forbes revealed deep problems with his debt-fueled empire, ultimately putting his net worth ‘within calling distance of zero.'”
The former president faces a $250 million civil trial in Manhattan Supreme Court over allegations he exaggerated his net worth in financial statements to get better loan and insurance terms.John Nacion/Shutterstock
But Trump sold off some of his riskier assets and rebuilt his empire, eventually rejoining the list in 1996.
He retained a spot on the Forbes 400 for 25 years, before he was again dropped in 2021.
Trump’s fortune at the time was estimated at just $2.5 billion, or $400 million short of the amount required to be included on the list.
Forbes cited Trump’s big city real estate holdings for the decline, after their values ”weakened” during the COVID pandemic.
He rejoined the list last year, after announcing the creation of Truth Social.
The former president faces a $250 million civil trial in Manhattan Supreme Court over allegations he exaggerated his net worth in financial statements to get better loan and insurance terms.
Trump was previously removed from the list in 1990, and again in 2021.Ron Galella, Ltd./WireImage.com
Judge Arthur Engoron has already ruled in favor of New York Attorney General Letitia James on the claim, concluding in a 35-page judgment that Trump had fraudulently reported the value of his assets.
If the ruling stands, Trump could lose control of several famous New York City properties that bear his name.
But Trump’s lawyers argued the former president and the Trump Organization did not intend to defraud anyone with a different property value.
“The buyer has a view, the seller has a view, none of them are wrong,” attorney Christopher Kise claimed in his opening statement.
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Source: thtrangdai.edu.vn/en/
