Donald Trump Loses $600 Million in One Year to Fall Off Forbes List

In addition to Donald Trump's civil fraud trial playing out in New York, the former president received some additional bad news about his net worth.

It was announced Tuesday that Trump's estimated net worth is $2.6 billion, about $300 million shy of making the Forbes 400—the second time in three years the ex-president has fallen under the monetary value necessary to make the list of the richest people in the United States. His net worth is also down $600 million compared to last year.

As Trump falls off the rankings, he is fighting a $250 million lawsuit filed by New York Attorney General Letitia James against him, his sons and his business. The case is being presided over by Judge Arthur Engoron, who in granting James' motion for summary judgment a week ago found the defendants civilly liable for fraud.

The drop in Trump's net worth is attributed to his business decisions that have backfired, notably his large investment in his Truth Social media brand that has struggled to gain traction as compared to counterparts like X, formerly Twitter.

Forbes reported that Truth Social and its approximate 6.5 million users equate to about 1 percent of the X user base, and that Trump's 90 percent stake went from an estimated value of $730 million to currently less than $100 million.

Other factors hitting Trump's wallet are building properties affected for different reasons that have plummeted an estimated $170 million.

A 1.8 million-square-foot complex on 555 California Street in San Francisco is contributing to about $100 million of that decrease. Trump holds a 30 percent stake alongside publicly traded Vornado Realty Trust.

While the property's performance and rent are up, it's the long-term outlook that has decreased the value. Leases generating more than half of the building's total rent expire by the end of 2026, according to documents released two months ago and reviewed by Forbes, while the property directly across the street recently sold for less than half of what it cost in 2005.

The story is similar at 1290 Avenue of the Americas in New York, another Vornado-controlled property in which Trump has a 30 percent stake. Even while close to 100 percent occupancy at the moment, Equitable Holdings—a longtime tenant—is moving up the street next year and ditching its rent on 450,000 square feet.

Forbes Senior Editor Dan Alexander said that Trump's ascent into politics and specifically the presidency has had minimal impact on his financial outlook considering the little amount of money that he personally put into his campaigns for 2016, 2020 and now for 2024.

"No, I don't think that running for president was ever good for [Donald Trump's finances]," Alexander said. "It had some positive effects on certain assets and there were some transactions that he clearly benefited from.

"But there's also a lot of negative. Having 50 percent of the country hate you is not good for business, and having the amount of scrutiny with being the president or top presidential candidate is not good for business, either.

"If Donald Trump had not run in 2016, it's hard to imagine that he would be dealing with any small fraction of the litigation he's contending with now. That's a distraction in addition to being a financial cost."