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Former President Donald Trump has lost his spot on the Forbes 400 list of the wealthiest Americans, the New York Post reported citing figures by the magazine.
According to Forbes, his estimated fortune now stands at $2.6 billion, falling $300 million short of the annual threshold he has long been fixated on and has even allegedly lied to reporters about over the years in an attempt to secure a higher ranking.
Compared to the previous year, Trump’s net worth has plummeted by over $600 million.
Forbes attributed this financial decline primarily to the stalled merger of his Truth Social platform with his other assets through a special purpose acquisition company (SPAC).
Trump had announced this merger plan shortly after falling off the Forbes 400 list in 2021.
As of now, only about 6.5 million people have signed up for Truth Social, which accounts for approximately 1% of the projected user base.
Consequently, the value of Trump’s 90% stake in the platform’s parent company, Trump Media and Technology Group, has plummeted from $730 million to less than $100 million.
According to the New York Post, the editorial board at Forbes remarked that if Trump’s platform were thriving, securing alternate financing would likely not be a challenge though they expressed skepticism about the future of Truth Social, given its lackluster performance.
According to Forbes, his estimated fortune now stands at $2.6 billion, falling $300 million short of the annual threshold he has long been fixated on and has even allegedly lied to reporters about over the years in an attempt to secure a higher ranking.
Compared to the previous year, Trump’s net worth has plummeted by over $600 million.
Forbes attributed this financial decline primarily to the stalled merger of his Truth Social platform with his other assets through a special purpose acquisition company (SPAC).
Trump had announced this merger plan shortly after falling off the Forbes 400 list in 2021.
As of now, only about 6.5 million people have signed up for Truth Social, which accounts for approximately 1% of the projected user base.
Consequently, the value of Trump’s 90% stake in the platform’s parent company, Trump Media and Technology Group, has plummeted from $730 million to less than $100 million.
According to the New York Post, the editorial board at Forbes remarked that if Trump’s platform were thriving, securing alternate financing would likely not be a challenge though they expressed skepticism about the future of Truth Social, given its lackluster performance.
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