The same financial lies that have gotten disgraced, multiply-indicted ex-president Donald Trump in big trouble with the state of New York now have him in hot water with the most exclusive club in the world: The Forbes 400 ranking of America’s richest people.
Forbes announced today that as a result of Trump’s “relentless” lying to reporters for decades in a pathetic attempt to boost his ranking on the list, he has now been dumped from it completely.
His net worth is down more than $600 million from a year ago. The biggest reason: Truth Social, his social-media business. Trump once envisioned a significant percentage of the country logging onto the platform. But that never happened. Roughly 6.5 million have signed up so far, about 1% of the total on X (né Twitter). Trump’s 90% stake in Truth Social’s parent company has plummeted in value from an estimated $730 million to less than $100 million.
The failed former president is also failing badly on the real estate front, Forbes reports, with his Trump branded properties down in value by a staggering $170 million. That figure could be increasing by even more as the state of New York has also banned Trump and the Trump Organization from doing business in the state and are seeking at least $250 million in financial damages for the crimes allegedly committed by the company.
Is anything going well in the business world for Trump? Well, his golf clubs are at least making money.
As fewer people spend time in the office, more are goofing off on the golf course. That’s especially good news for Trump National Doral, the former president’s most valuable golf property, purchased for $150 million in 2012. Trump commenced an extensive renovation of the Miami resort, reportedly injecting more than $200 million of additional cash, before politics spoiled his investment.
The Donald has been off the list before, only to slither back onto it years later, Forbes notes.
In the 1990s, Trump took out enormous loans that resulted in well-publicized bankruptcies. He made a comeback from that but fell off once more in the midst of the Covid pandemic which hit the hotel and travel industry hard, leading to gigantic losses that he hoped would be offset by the launching of his Truth Social platform, which has been a total bust, with only 6.5 million users. That’s about 1% of the total who are on Twitter. Overall, Trump’s 90% stake in Truth Social’s parent company has fallen in value from $730 million to less than $100 million.
Can Trump reinvent himself this time and make a financial comeback? Considering that he’s 77 years old and facing decades in prison, it seems beyond impossible, especially for a man who doesn’t have an ounce of truth in his enormous, bloated body.
