Get out the world’s smallest violin because Donald Trump is not one of the richest 400 people in America anymore.
The former president was not included in the Forbes 400 list because he had a fortune of only $2. 6 billion, which was $300 million less than what was needed to be on the list.
His overall wealth has decreased by over $600 million in the past year, mainly because the value of his office buildings has gone down.
On Tuesday, the publication reported that Donald Trump is not wealthy enough anymore to be part of the country’s most exclusive club.
According to Forbes, in New York City, Trump owns a 30% share in a building called 1290 Avenue of the Americas. This building is managed by a company called Vornado Realty Trust, which is publicly traded. Currently, the value of Trump’s share in the building has dropped by around $60 million. The building is almost completely full, but its largest renter, Equitable Holdings, is going to move next year.
Trump also owns 30% of 555 California Street in San Francisco. Over half of the office building’s leases will end in 2026.
The main reason for Trump’s net worth decreasing is his Truth Social website, which has around 6. 5 million users This is just 1% of the users that X (previously known as Twitter) has. Donald Trump’s ownership of 90% of the social media platform has decreased in worth from around $730 million to under $100 million.
Forbes said: ‘If Trump’s ideas were doing well, he would probably have no difficulty finding another way to get money. ‘ However, that is not the case, and there is not much reason to feel hopeful about what lies ahead for Truth Social.
In simpler terms: If people aren’t going on Trump’s platform to hear what he has to say right now, when he’s dealing with legal issues and competing in the Republican presidential primary, then they probably won’t ever be interested.
Trump is now involved in a lawsuit that accuses him of cheating people and could potentially ruin his business in New York.
During the first day of the trial for New York Attorney General Letitia James’ $250 million lawsuit, prosecutor Kevin Wallace claimed that Trump’s financial statements tricked banks into taking on a lot of hidden risk, costing them hundreds of millions of dollars.
Wallace said: ‘It’s okay to stretch the truth for a magazine like Forbes, but you can’t do it when doing business in New York state. ‘
Each year, the defendants lied about how much money Mr. Trump had in order to keep getting low interest rates for his loans.
Trump made rare appearances in court voluntarily on Monday, Tuesday, and Wednesday. These appearances turned the trial into something like a campaign event. Trump walked out of the trial after lunch on Wednesday and James said: ‘This was just a political trick, a way to collect money. ‘
Later on Wednesday evening, the Trump campaign announced that Trump collected over $45. 5 million in the third quarter of the year and currently has more than $37. 5 million in cash.
Donald Trump’s lawyers are requesting a review of Judge Arthur Engoron’s decision from last week. The judge stated that Trump, his sons, the Trump Organization, and its executives have consistently and repeatedly engaged in fraudulent behavior.
The ex-president was removed from The Forbes 400 list for the first time in 25 years in October 2021. At that time, Trump had about $2. 5 million in wealth, which was $400 million less than the amount needed to make it onto the list that year. While he was president, his total worth decreased each year, and the coronavirus pandemic also affected his real estate business.
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