Forbes Magazine reported Tuesday that former President Trump has slid off the Forbes 400 list of the wealthiest Americans for the second time in three years.
Trump’s estimated fortune of $2.6 billion falls $300 million shy of the standards set by The Forbes 400 ranking, a setback for the former president, who the magazine claims has “obsessed” over the list for decades.
Forbes reported that the former president’s net worth has dropped by more than $600 million in a year, citing Trump’s social media platform, Truth Social, as the key reason. Trump’s 90 percent interest in Truth Social’s parent business, according to the magazine, has decreased in value from roughly $730 million to less than $100 million. According to Forbes, Trump’s office complexes in San Francisco and New York
The ranking comes on the heels of the start of Trump’s civil fraud trial in New York, where he faces a lawsuit from New York Attorney General Letitia James (D) over more than a decade of alleged fraud.
Prosecutors presented Michael Cohen, Trump’s attorney and fixer, who previously revealed in a deposition that he and former Trump Organization CFO Allen Weisselberg were tasked with inflating the former president’s assets to “obtain the number that Mr. Trump wanted.”
Cohen told investigators that if Trump wanted to go “higher on the Forbes list,” he may advise that his $6 billion net worth should be increased to $8 billion. When James announced the case against Trump in September, she cited Cohen’s 2019 testimony before Congress, in which he said Trump misrepresented his wealth prior to taking office.
