Former US President Donald Trump has lost his place on Forbes magazine’s annual Forbes 400 list of the richest Americans.
Forbes reported on Tuesday, October 3, that Trump’s estimated net worth had dropped to $2.6 billion, down from their previous estimate of $3.2 billion, which had secured him a spot on the 2022 rich list.
Trump’s current estimated net worth of $2.6 billion falls $300 million short of the minimum threshold required to make the Forbes 400 list. In contrast, the wealthiest person in America, Tesla CEO Elon Musk, holds a net worth of $251 billion, according to Forbes’ rankings.
It’s worth noting that Trump has long fixated on the Forbes 400, and over the years, he has been known to provide reporters with inaccurate information in an attempt to boost his position on the list.
Trump’s exclusion from this year’s Forbes 400 list coincides with his ongoing legal challenges. He is currently facing a civil fraud trial in New York, where he stands accused of greatly inflating his wealth and the values of many of his properties.
Forbes attributed Trump’s fall from the list to a decline in his net worth, which was largely influenced by his social media venture, Truth Social.
According to Forbes, Truth Social has not lived up to Trump’s expectations, with only approximately 6.5 million users, a mere 1% of the user base of X (formerly known as Twitter).