The losses of the social network Truth have cost former US President Donald Trump his place on the list of the richest in his country.

Donald Trump He has fallen from Forbes magazine’s list of the 400 richest Americans as his fortune is estimated at $2.6 billion, putting him $300 million under the cutoff.

The magazine announced this yesterday, indicating this in an article The tycoon’s net worth has dropped by $600 million compared to last year, and the main reason is the massive loss in value of its social network Truth Social.

Truth Social’s parent company, in which Trump is the majority shareholder (he has 90%), has fallen from an estimated value of 730 million to less than 100 million, reflecting its minority share in a market dominated by X (formerly Twitter) and its complicated IPO, which did not go well.

Loss in value of office buildings in San Francisco and New York has also had an impact, due to the prospects of lower occupancy rates in the future, which together have reduced about 160 million, according to Forbes.

Former President Trump may be forced to sell his properties after Judge Arthur Engoron revoked his business certificates after ruling that he committed years of fraud while building his real estate empire. The trial will determine how much he and his companies will be punished for the fraud.

The Forbes 400 list has been “obsessed” for years with Trump, who has “relentlessly lied to (the magazine’s) reporters in an effort to position himself higher” in the rankings, the article said, indicating that the most powerful asset he now has is the cash, about 426 million.

Fraud trial

The former president is currently facing a civil suit in New York for fraud within the Trump Organization that is endangering his businesses, and right in the opening arguments, the prosecution pointed out that in addition to lying to banks and insurers by inflating his numbers blow, Forbes has also misled. .

Before the trial started, The businessman has already been declared responsible for corporate fraud by the judgewhich has also revoked its operating licenses in the state, and in the ongoing lawsuit faces a fine for damages of up to $250 million and the possibility of a business ban, also in the state.

It’s not the first time Trump has fallen off the list, which he consulted in 1982, “convincing a reporter that he had a larger percentage of Fred’s (Trump, his father) fortune” than he actually did, and that he left in 1990. when his debts came to light.

It was then on the list from 1996 to 2021, having rejoined after the announcement of Truth Social, which is now responsible for its new downfall. (JO)