NEW YORK, NEW YORK - OCTOBER 3: Former U.S. President Donald Trump appears in the courtroom with his lawyers for his civil fraud trial at New York State Supreme Court on October 03, 2023 in New York City. Former President Trump may be forced to sell off his properties after Justice Arthur Engoron canceled his business certificates and ruled that he committed fraud for years while building his real estate empire after being sued by Attorney General Letitia James, who is seeking $250 million in damages. The trial will determine how much he and his companies will be penalized for the fraud. (Photo by Shannon Stapleton-Pool/Getty Images)
On Tuesday, Forbes Magazine announced that Donald Trump has been taken off of The Forbes 400 list of America’s wealthiest people.
“With an estimated $2.6 billion fortune, he is $300 million shy of the cutoff” for the “annual measurement that Trump has been obsessed over for decades, relentlessly lying to reporters to try to vault himself higher on the list,” Forbes said in a statement.
The magazine claimed that one factor in his fallout was Trump’s deal to merge his social media company, Truth Social, with special purpose acquisition company (SPAC) Digital World Acquisition Corp.
“If Trump’s platform were thriving, he would probably have no trouble finding alternative financing. But it’s not, and there is little reason to be optimistic about Truth Social’s future,” Forbes said.
The news comes one week after a New York state judge ruled that the former president committed fraud by exaggerating his net worth on financial records by 17-39%. Trump has since denied these claims.
Trump was dropped from The Forbes 400 list in 2021 for the first time in 25 years but rejoined in 2022.
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