Former President Trump has dropped from the Forbes 400 list of wealthiest Americans amid his fraud trial in Manhattan, the magazine announced on Tuesday.
The magazine said Trump's estimated $2.6 billion fortune is shy by about $300 million to make the cut-off for the Forbes 400 ranking. Forbes said Trump's net worth dropped by more than $600 million since a year ago.
In its piece announcing Trump dropped from the list for the second time in three years, Forbes staff writer Dan Alexander said the former president no longer met "the annual measurement that Trump has obsessed over for decades, relentlessly lying to reporters to try to vault himself higher on the list." The magazine piece said TRUTH Social was mostly to blame for Trump's recent boot from the list, as were his real estate losses in San Francisco and New York.
Trump holds a 90% stake in TRUTH Social's parent company, which has dropped in value from an estimated $730 million to less than $100 million.
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About 6.5 million users have registered on the platform, representing about 1% of the total number of users signed up for Elon Musk's X, formerly Twitter.
Trump's office buildings have dropped in value by an estimated $170 million, according to Forbes.
The magazine blamed 555 California Street, a 1.8 million square-foot complex in the heart of San Francisco, where Trump holds a 30% stake alongside publicly traded Vornado Realty Trust, for the largest decline.
Though occupancy increased from 94.2% in 2022 to 94.5% this year, and rents rose 3% to $93 per square foot, leases generating more than half of the building’s total rent expire by the end of 2026, according to Forbes.
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San Francisco, rampant with crime, homelessness and open-air drug dealing, generally has been struggling with property values and businesses fleeing the liberal city. The property directly across the street from Trump's San Francisco building recently was purchased for less than half of what it cost in 2005. Forbes said Trump’s interest at 555 California Street is down by an estimated $100 million.
Yet, the Forbes piece asserted that Trump's golf clubs in the United States were largely doing well.
Specifically, Trump National Doral in Miami had seen significant losses when Trump first announced his presidential run in 2015 and later due to the pandemic, but revenue has since climbed back up to an estimated $106 million. Forbes assesses operating profits appear to be approaching $20 million a year, up from just $4 million when Trump first took office.
Trump owns 10 other golf clubs in six states. Forbes says estimated revenues are almost up to $150 million at those properties, from $108 million pre-pandemic.
Fox News Digital reached out to the Trump campaign on Wednesday for comment.
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During the civil trial in Manhattan this week, prosecutors played out a deposition from Trump's former fixer and one-time personal lawyer Michael Cohen, who in 2018 pleaded guilty to several charges, including tax evasion, campaign finance violations, and lying to Congress and several banks.
Cohen, now a regular Trump critic on cable news, alleged in the deposition that he and former Trump Organization CFO Allen Weisselberg had been tasked with inflating Trump's assets so that his net worth increased from $6 billion to $8 billion because the former president wanted to rank "higher on the Forbes list."
