Donald Trump has been removed from Forbes’s list of the 400 richest Americans for the second time in three years.
The magazine revealed on Tuesday that with the former president’s net worth being an estimated $2.6bn, Mr Trump is $300m away from the cutoff point.
Forbes noted that Mr Trump has been “obsessed” with the list for decades and that he has been “relentlessly lying to reporters to try to vault himself higher on the list”.
Compared to a year ago, Mr Trump’s net worth has dropped by more than $600m. The magazine cites his social media platform Truth Social as the biggest drag on his net worth.
While Mr Trump may have believed that a large number of Americans were going to sign up to use the platform, that hasn’t come to pass. About 6.5 million users have signed up – about one per cent of X’s user base.
Mr Trump’s stake in the platform – 90 per cent – has dropped in value from about $730m to under $100m.
His office buildings are also not faring well, Forbes notes. Their value has dropped by about $170m. Most of the decrease stems from 555 California Street in San Francisco, a behemoth measuring 1.8 million square feet. Mr Trump has a 30 per cent stake in the building along with the Vornado Realty Trust, which is publically traded.
While occupancy and rents are increasing, it’s the future of the building that’s making it drop in value. Documents filed two months ago reveal that more than half of the building’s rent comes from leases that expire by the end of 2026.
The area of the city where the building is situated is another issue. Just on the other side of the street, a building was recently sold for under half of what it cost back in 2005. Mr Trump’s interest in the building has dropped by around $100m.
Mr Trump has a 30 per cent stake in a building at 1290 Avenue of the Americas in New York, which is also managed by Vornado. Its estimated value has dropped by about $60m.
Similarly to Mr Trump’s San Francisco building, while it has almost a 100 per cent occupancy rate, the longtime top tenant, Equitable Holdings, is moving out next year.