Former US President Donald Trump is no longer in the exclusive club of US super-rich individuals.
According to the Forbes 400 ranking of America’s richest people, Trump has an estimated USD 2.6 billion fortune and he is USD 300 million shy of the cutoff.
His net worth is down more than USD 600 million from a year ago.
Truth Social
Trump formed a social media business application called Truth Social. It was envisioned to help Trump become among the biggest investors in the US.
But that never happened. Roughly 6.5 million have signed up so far, about 1 per cent of the total on X (né Twitter). Trump’s 90 per cent stake in Truth Social’s parent company has plummeted in value from an estimated USD 730 million to less than USD 100 million.
His Office Building
According to Forbes, Trump’s investment in office buildings recorded an estimated drop of USD170 million. The majority of that decline came from 555 California Street, a 1.8 million square-foot complex in the heart of San Francisco, where Trump holds a 30 per cent stake alongside publicly traded Vornado Realty Trust.
In New York, Trump holds another 30 per cent stake in a Vornado-controlled building at 1290 Avenue of the Americas, which dropped by roughly USD60 million.
“The rest of Trump’s American golf business is doing well, too. In addition to Doral, the real estate mogul owns ten other clubs in six states. Estimated revenues are almost up to USD 150 million at those properties, from USD108 million pre-pandemic,” Forbes wrote.
His net worth is expected to drop due to the upcoming elections where he is seeking to unseat President Joe Biden.
