For the second time in three years, former president Donald Trump dropped off the Forbes 400 list, Forbes said Tuesday.
The biggest culprit isn’t his legal troubles. Instead, it’s Truth Social, the social media network Trump poured hundreds of millions into with big expectations.
Those expectations turned out to be ill-conceived.
Trump expected Truth Social to bring in 10s of millions of users. Less than 7 million people have signed up thus far. Trump has a 90% stake in Truth Social’s parent company, which dropped in value from $730 million to less than $100 million.
The former president’s estimated net worth is $2.6 billion, $300 million shy of the cutoff for the Forbes list. Elon Musk leads the Forbes 400 list, followed by Amazon founder Jeff Bezos, Larry Elison, Warren Buffett, and Larry Page to round out the top five.
Trump’s buildings also represent a sizeable portion of Trump’s recent losses. Forbes said Trump’s office buildings plummeted in value by $170 million.
Donald Trump joined the Forbes 400 list back in 1982 before falling off the list eight years later. Though Forbes admits his original inclusion in ’82 was less than legitimate.
“He conned his way into sharing a spot on the inaugural list in 1982 with his father, Fred Trump,” Forbes wrote.
He rejoined the list in 1996 after rebuilding his enterprises from almost zero net worth.
The one bright spot for Trump is golf. His most valuable golf course, the Trump National Doral, is estimated to be worth almost $300 million after Trump purchased it for $150 million in 2012.