Donald Trump, the former President of the United States, has once again fallen off the Forbes 400 list of the wealthiest people in the country.
This marks the second time in three years that Trump has been excluded from this prestigious ranking, a decision announced by Forbes Magazine as Trump’s ongoing business fraud trial unfolds in New York.
Forbes stated, “Donald Trump is no longer rich enough for the country’s most exclusive club.”
With an estimated fortune of $2.6 billion, Trump falls $300 million short of the threshold required for inclusion in the Forbes 400, an annual ranking that Trump has long been fixated on.
Over the years, he has exaggerated his wealth to secure a higher position on the list.
The decline in Trump’s net worth, a staggering $600 million drop, can largely be attributed to challenges faced by Truth Social, the social media platform he established after being banned from major outlets like Twitter and Facebook following the January 6 attack on the US Capitol.
Trump’s real estate portfolio, which he built his name upon before entering politics in 2015, has also suffered setbacks.
However, Forbes noted a silver lining in Trump’s financial portfolio: his golf courses.
Fewer people work in traditional office settings, so more individuals indulge in leisure activities such as golf.
This surge in interest has led to a rebound in business at Trump-owned golf courses, which experienced a decline during his tenure in the White House.
Nevertheless, the valuations of these golf courses have become a subject of scrutiny in Trump’s civil fraud trial in New York.
The presiding judge has already ruled that Trump had “clearly [made] fraudulent valuations that defendants used in business.”
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It should be pointed out that this is not the first time Trump has been removed from the Forbes list. He was first removed in 1990 due to financial difficulties with his real estate business.
In 2021, he faced similar challenges during his presidency and the COVID-19 pandemic, resulting in his removal from the list. However, he made a comeback in 2022.
Despite his financial difficulties and ongoing legal issues, Trump continues to lead in Republican presidential polling and is the front-runner for the 2024 presidential race.
While his inclusion in the Forbes 400 list has ended, his political influence remains strong.
Observers have taken note of this latest development and its potential impact.
Adam Klasfeld, senior legal correspondent for the Messenger, highlighted how Trump’s desire to inflate his net worth, as reflected in the Forbes list, has been cited in the opening statements of his New York fraud case.
A former federal prosecutor and columnist, Harry
Litman sees this as part of a larger narrative, describing it as a “portrait of an autocrat in free fall.”
Trump’s legal battles and financial challenges continue to be a significant aspect of his post-presidential journey.
Source: The Guardian