Donald Trump has been excluded from the Forbes 400 list of America’s wealthiest individuals for the second time in three years, according to an announcement by the magazine. This realization comes amidst the ongoing business fraud trial of the former President in New York.
Forbes stated, “Donald Trump no longer qualifies for this prestigious list of the country’s affluent individuals.”
On Wednesday, October 4, 2023, the former President was seen at the State Supreme Court building in New York for his civil fraud trial.
By the close of the third day of the trial, the New York attorney general commented, “The Trump saga is drawing to a close.”
Forbes detailed that with an assessed worth of $2.6 billion, Trump is $300 million short of making it to the Forbes 400 list. It’s a list of significant importance to him, as he has frequently aimed to enhance his position.
A significant portion of the decrease in Trump’s net worth, as reported by Forbes, is attributed to issues faced by Truth Social, his social media venture. This platform was Trump’s answer to his bans from Twitter and Facebook after the events of January 6 at the Capitol.
Furthermore, the value of Trump’s famed real estate holdings has also diminished recently.
However, Forbes noted a silver lining. They stated, “The shift to remote work has led to more people spending leisure time on the golf course.”
The business at Trump’s golf courses has seen an uptick after a decline during his presidential tenure. Yet, the valuation of these golf properties is under the lens of Trump’s current trial. The judge has expressed that Trump has made questionable valuations of his properties for business use.
New York’s Attorney General, Letitia James, is pursuing a claim of $250 million along with other penalties against defendants, which includes Trump and his grown sons.
This isn’t the first time Trump has been left out of the Forbes list. In 1990, he was off the list due to difficulties in his real estate business. In 2021, after his tumultuous presidency and during the Covid pandemic, he missed the list but made a comeback in 2022.
Despite these fluctuations, Forbes clarified, “There’s no denying it; Trump is immensely wealthy.”
