ALBAWABA - The popular saying goes, "Misfortunes never come alone," and it seems that former US President Donald Trump can relate to this proverb. In addition to the fraud allegations he faces, he is no longer among the wealthiest individuals in the United States.
Forbes magazine revealed that the former president no longer qualifies for the Forbes 400 list, an annual ranking of the richest individuals in America, according to CBS News. While Trump is still a billionaire, Forbes estimates his net worth at around $2.6 billion. This is less than the magazine's estimation from the previous year when his real estate assets were valued at $3.2 billion, earning him a spot on the 2022 billionaires list.
Trump's net worth of $2.6 billion also falls $300 million short of the baseline for making it onto the Forbes 400 list. The richest person in America, according to the ranking, is Tesla CEO Elon Musk, with a net worth of $251 billion.
Losing his place on the Forbes 400 list may seem like a minor issue for someone extremely wealthy who is vying for the highest office in the United States for a second time. However, Forbes pointed out that the list is "an annual reckoning that Trump has coveted for decades, relentlessly padding his numbers, often lying to journalists to boost his standing."
This exclusion comes at a time when the former president is facing a civil fraud trial in New York, where he is accused of inflating the representation of his wealth and the values of many of his properties.
Why was he dropped from the list? Forbes removed Trump from the list this year due to their estimate that his net worth decreased by $600 million compared to the previous year. They attributed this decline to his social media platform, Truth Social, which has failed to live up to Trump's vision for a social media service. The company once expected to reach 40 million users this year.
Former US President Donald Trump. (Shutterstock)
However, with only three months left in 2023, Forbes estimates that Truth Social has only garnered about 6.5 million users, roughly 1% of the user base of X (formerly known as Twitter).
In another setback for Trump's company, Trump Media & Technology Group, a deal to acquire the parent company of Truth Social stumbled amid regulatory reviews.
Due to the growth challenges facing Truth Social, Forbes stated that it reduced the value of the parent company to $100 million, down from $730 million the previous year.
