That’s Gotta Hurt! Donald Trump Booted Off Forbes’ Rich List

BUENOS AIRES, ARGENTINA - Nov 30, 2018: Buenos Aires, Argentina. Nov 30, 2018. USA President Donald Trump, addresses the press after a bilateral meeting during the G20 Summit.

In what can only be described as a financial comedown of epic proportions, former President Donald Trump has been unceremoniously booted from the prestigious Forbes 400 list. Forbes reported that his estimated fortune now stands at $2.6 billion, falling $300 million short of the threshold for entry into the nation’s most exclusive club for the uber-wealthy.

The Ego and the Quest

As per Forbes, Trump has been on a relentless mission to convince the world that he’s swimming in money, often resorting to a liberal interpretation of reality to boost his rank on the Forbes 400. But alas, his efforts have fallen flat, and his net worth has taken a nosedive, plummeting over $600 million from last year’s numbers.

Truth Social’s Bitter Truth

So, what’s the cause of this financial freefall, you ask? Look no further than Truth Social, Trump’s audacious foray into social media. Once upon a time, Trump dreamt of millions of Americans flocking to his platform, but that dream has turned into a nightmare. Only a measly 6.5 million people have signed up for Truth Social. This disaster has led to a gut-wrenching drop in Trump’s 90% stake in Truth Social’s parent company, going from an estimated $730 million to a pitiful sub-$100 million figure.

Real Estate Woes

But the horror show doesn’t stop there. As per Forbes, Trump’s office buildings are also crumbling, losing an estimated $170 million in value. Most of this depreciation can be attributed to 555 California Street, a massive 1.8 million square-foot complex in the heart of San Francisco. Trump’s interest in 555 California has been wiped out by an estimated $100 million or so.

In New York, Trump’s woes continue, with another 30% stake in a Vornado-controlled building at 1290 Avenue of the Americas, down roughly $60 million.

A Golfing Resurgence

But in the midst of this financial gloom, there’s a glimmer of sunshine. With fewer people chained to their office desks, more are swapping work for play on the golf course. This trend spells good news for Trump National Doral, his prized golf property purchased for $150 million in 2012. After an extensive $200 million renovation, Trump’s investment took a hit due to political polarization. However, business is back on track, with estimated revenues soaring to $106 million. Doral is now valued at an estimated $291 million, even after accounting for its $125 million debt, Forbes reported.

Legal Storm Clouds

This cash stash might just come in handy as Trump navigates a legal labyrinth, with the New York attorney general’s $250 million fraud lawsuit front and center. The suit accuses him of fabricating his net worth to financial institutions for years. A recent court ruling held Trump personally liable for fraud, and the trial kicked off just this Monday.

A History of Ups and Downs

In the end, Trump’s net worth might be the least of his worries as he grapples with a legal maelstrom that makes his past financial hiccups look like pocket change disputes. Whether he’ll rise from the ashes of his financial decline remains uncertain, but one thing’s for sure—his ego is in for a bruising landing.

Featured Image Credit: Wirestock /Depositphotos.com.

This article was originally published on Ash & Pri.

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Pri Kingston

Ash & Pri are the Founders of AshandPri.com and have spent the last decade building their way towards financial freedom and a lifetime of memories. Having successfully achieved their early retirement goal in under 10 years, they look forward to sharing their financial sense with like-minded people. Read more about Ash & Pri in the 'About Us' section.