Donald Trump falls off Forbes 400 list of richest Americans, here's why | World News - Hindustan Times
close_game
close_game

Donald Trump falls off Forbes 400 list of richest Americans, here's why

ByArya Vaishnavi
Oct 06, 2023 02:55 PM IST

Donald Trump has once again fallen off the Forbes 400 list of richest Americans amid civil fraud charges

The former US President Donald Trump has fallen off the Forbes 400 list of wealthiest Americans once again. Ex-POTUS was first removed from the list in 2021 after his exit from the White House. However, he gained his position back last year (2022) with a ranking of number 343. His estimated net worth back then was $3.2 billion. However, this year Trump's net worth has decreased by more than $600 million, leading to his removal from the Forbes 400 list. Plagued by legal troubles, the former president made his third visit to court recently.

Former US President Donald Trump sits inside the courtroom for the third day of his civil fraud trial in New York on October 4, 2023 (Photo by ANGELA WEISS / POOL / AFP)(AFP)
Former US President Donald Trump sits inside the courtroom for the third day of his civil fraud trial in New York on October 4, 2023 (Photo by ANGELA WEISS / POOL / AFP)(AFP)

As his $250 million civil fraud case continues, Forbes released a statement saying, “With an estimated $2.6 billion fortune, he is $300 million shy of the cutoff” for the “annual measurement that Trump has obsessed over for decades, relentlessly lying to reporters to try to vault himself higher on the list.” The magazine also noted how investment in Truth Social may have resulted in Trump's misfortune.

Unlock exclusive access to the story of India's general elections, only on the HT App. Download Now!

ALSO READ: Former White House staffer points Taylor Swift as the ‘only person’ who could beat Donald Trump in 2024 election

A bad investment in the Truth Social platform

The primary reason for the decline in Trump's net worth has been said to be a stalled deal to merge Truth Social and his other assets in a SPAC (special purpose acquisition company). The announcement for the same was made by him in 2021 itself. However, so far, only 6.5 million people have signed up for Truth Social till now, which is merely about 1% of users on X. This led to a massive fall in the value of his 90% stake in Trump Media and Technology Group. The stake measured at less than $100 million after falling from $730 million.

ALSO READ: Who is Anthony Pratt, the Australian billionaire Trump is accused of revealing secrets to?

Trump's civil fraud charges

Last month, a judge ruled in the suit brought by New York Attorney General Letitia James that Trump's business dealings were fraudulent. The judge also ruled that the former president's company deceived banks, insurers and others by overvaluing his net worth and exaggerating his assets. James' office claimed he exaggerated his worth by almost $3.6 billion. However, Trump has denied the allegations, arguing in sworn testimony that whatever he wrote on his financial statements didn't matter due to a disclaimer that states they should not be trusted.

James is seeking $250 million in penalties against his estate along with a ban on doing business in the state. Moreover, Judge Arthur Engoron's ruling also means that some of his companies will be controlled by a court-appointed receiver as per The Mirror. Adding to his woes, Trump may lose the famous Trump Tower.

Election interference charges

The former POTUS was indicted alongside 18 of his allies, where a total of 13 charges are against him. According to the charges, he was alleged to be a part of a “criminal organization” along with his co-defendants. The charges allege that they engaged in an “enterprise” that operated in various states including Georgia. Once more, Trump denied all charges, which are conspiracy to impersonate a public officer; conspiracy to commit forgery in the first degree; false statements and writings and filing false documents and solicitation of violation of oath by a public officer.

The indictment involves a total of 41 different charges for the defendants, out of which, 13 alone are against Trump. However, the most serious charge against him carries a maximum of 20 years of jail time.

Discover the complete story of India's general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!

Get Latest World News, Israel-Iran News Live along with Latest News from India at Hindustan Times.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Tuesday, April 16, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On