Donald Trump Falls Off The Forbes List Of Richest Americans For Second Time In 3 Years
October 3, 2023
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22:41Now PlayingDonald Trump Falls Off The Forbes List Of Richest Americans For Second Time In 3 Years
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as posted by the channelDonald Trump is no longer rich enough for the country’s most exclusive club. With an estimated $2.6 billion fortune, he is $300 million shy of the cutoff for The Forbes 400 ranking of America’s richest people, the annual measurement that Trump has obsessed over for decades, relentlessly lying to reporters to try to vault himself higher on the list.
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.
Also in trouble: his office buildings, which are down by an estimated $170 million. The majority of that decline comes from 555 California Street, a 1.8 million square-foot complex in the heart of San Francisco, where Trump holds a 30% stake alongside publicly traded Vornado Realty Trust. The problem is not the property’s performance to date—occupancy inched up from 94.2% in 2022 to 94.5% this year, and rents rose 3% to $93 per square foot—but rather its outlook for the future. Leases generating more than half of the building’s total rent expire by the end of 2026, according to documents released two months ago. The neighborhood around the building is also struggling—the property directly across the street recently sold for less than half of what it cost in 2005. Trump’s interest at 555 California is down by an estimated $100 million or so.
In New York, Trump holds another 30% stake in a Vornado-controlled building at 1290 Avenue of the Americas, which is down by roughly $60 million. It’s a similar story there, with near-100% occupancy at the moment. But Equitable Holdings, long the building’s biggest tenant, is moving its headquarters up the street next year, a serious blow, given that the firm rented 450,000 square feet, according to a 2019 document obtained by Forbes.
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