Trump's net worth takes a dive Off Forbes 400 List

In a surprising turn of events, former President Donald Trump's net worth has taken a steep decline, dropping by a drastic 19%, or $600 million. This leaves his estimated total net worth at $2.6 billion, falling $300 million short of the Forbes 400 cutoff when the prestigious magazine recently released its annual rankings.

This marks the second time in three years that Trump has failed to make the cut for the list he has long been fixated on and has even been accused of manipulating his way onto in the past.

While other top Forbes 400 leaders, such as Elon Musk, Jeff Bezos, and Larry Ellison, have seen steady or growing fortunes, Trump's net worth has taken a significant hit. This can be attributed to mounting legal bills as he faces a number of civil and criminal charges, including an ongoing fraud trial in New York and multiple trials scheduled for next year.

Forbes reports that two key factors contributed to the decline in Trump's net worth:

Trump’s struggling social media platform, Truth Social, and the decreased value of his office buildings.

Trump had high hopes for Truth Social, which he launched in February of this year as a potential rival to Facebook and Twitter. However, with only 738,000 monthly active users on its iOS and Android apps in August, Truth Social has failed to take off and has seen a decline in users. This has resulted in Forbes lowering the estimated value of Trump's 90% stake in the platform from $730 million to less than $100 million.

Additionally, Trump's real estate properties have been hit hard by the pandemic and the widespread shift to remote work. The commercial real estate market has been struggling, with an estimated $800 billion potentially wiped out globally.

Trump's properties in cities like San Francisco, where chains such as Whole Foods, Target, Nordstrom, and Starbucks have recently left, have seen a decrease in value. Forbes estimates his stake in a San Francisco skyscraper has dropped by 30%, while his stake in a midtown Manhattan office building has lost roughly $60 million in value.

However, it's not all bad news for the former president.

Forbes still values his golf courses highly, and he has also seen success in selling books, giving speeches, and completing various financial deals. This has resulted in Trump's cash assets being valued at a substantial $426 million.

This isn't the first time that Trump has been excluded from the Forbes 400 list.

In 1990, he was removed due to severe financial struggles, and in 2021, he faced a similar fate. Furthermore, Forbes notes that the rankings are not an exact science, relying on estimates and projections. They also mention past instances where Trump has manipulated his way onto the list, lying to reporters to secure a spot alongside his father in 1982.

As one former Forbes reporter put it, "He figured out what he had to do in order to deceive me and get onto that list. And he did it very well."