Former US President Donald Trump is no longer rich enough to be included in the Forbes 400 list, Forbes magazine said on Tuesday, Oct. 3.
Forbes estimates his net worth at $2.6 billion, which is down from the magazine’s estimate a year earlier that the real estate tycoon was valued at $3.2 billion, which earned him a place on the 2022 rich list.
Trump’s estimated net worth of $2.6 billion is $300 million short of the baseline to make the Forbes 400 list.
The richest person in America is Tesla CEO Elon Musk, with a net worth of $251 billion, according to the ranking.
Forbes noted that the Forbes 400 is an “annual measurement that Trump has obsessed over for decades, relentlessly lying to reporters to try to vault himself higher on the list.”
Trump’s exclusion from the Frobes 400 also comes as he is facing a civil fraud trial in New York that accuses him of vastly over representing his wealth and the values of many of his properties.
Trump fell off this year’s list because of Forbes’ estimate that his net worth declined by $600 million compared with a year earlier. This decline is due to Trump’s social media business, Truth Social, Forbes said.
Truth Social has so far failed to live up to Trump’s vision for the social media service. Forbes estimates that Truth Social has signed up just 6.5 million users — about 1% of the users on X (formerly known as Twitter).