October 4th 2023.
Former President Donald Trump has been dropped off The Forbes 400 ranking while appearing in his New York civil fraud trial. This trial may spell the end of his business career in New York.
Trump's estimated fortune is now $2.6billion, $300million short of making the cut for The Forbes 400 list. According to Forbes, "Donald Trump is no longer rich enough for the country's most exclusive club."
Trump's net worth has plummeted more than $600million over the past year, and a large part of this can be attributed to his office buildings losing value. One example is his 30% stake in 1290 Avenue of the Americas, which is controlled by publicly traded Vornado Realty Trust and has dropped about $60million. The building is almost at full occupancy, however, its largest tenant, Equitable Holdings, is moving out next year.
In addition, Trump holds a 30% stake in 555 California Street in San Francisco, and the majority of the office building's leases are due to expire at the end of 2026.
The bigger contributor to Trump's net worth falling is his Truth Social platform, which has been slashed in value from about $730million to less than $100million. With only 6.5million users, which is only 1% of what competitor X has, Forbes believes that the platform is not doing well and there is little hope for its future. They state that "if people are not logging on to Trump's platform to hear what he has to say now – while he is simultaneously facing a series of indictments and steamrolling the Republican presidential primary – they probably never will."
Trump was dropped from The Forbes 400 list for the first time in 25 years in October 2021. At the time, his wealth was estimated at $2.5million, making him $400million short of the cutoff for the list that year. His net worth has diminished even further since then, as the coronavirus pandemic has had a negative impact on his real estate empire.
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