Donald Trump falls off Forbes 400 richest Americans list amid fraud trial over inflated net worth – New York Daily News

Former President Donald Trump was noticeably absent from Forbes list of the nations richest 400 people, released Tuesday.

Standing trial in downtown Manhattan for inflating his net worth by billions in prior years to secure loans and financing, Trump is now worth $300 million less than the $2.9 billion required to make this years list, Forbes said Tuesday. Its the second time in three years that Trump has tumbled out of the club whose membership he covets.

His net worth dropped 19% from the previous year to $2.6 billion. Trump snagged a spot on the 2022 list with a reported net worth of $3.2 billion.

Truth Social, the indicted ex-presidents social media platform, contributed the most to the $600 million dip in his net worth from a year ago. While 6.5 million users have signed up, the value of his 90% stake in the platform has dropped from $730 million to less than $100 million, Forbes reported. His office buildings have dropped in value by $170 million.

His fellow billionaires, meanwhile, recouped the $500 billion they had collectively lost in 2022 to reach $4.5 trillion in assets. Forbes credited the bounce-back to rebounding stock markets and a tech boom driven by artificial intelligence (AI). Tellingly, tech bros saw the lions share of gains, with a collective net-worth bump of $300 billion over 2022.

Topping the list again was Elon Musk, who maintained his $251 billion net worth despite his shredding of Twitter and other financial and internet shenanigans. The Tesla founder and Twitter/X owner was still $90 billion ahead of Amazon founder Jeff Bezos, who is No. 2 at $161 billion, closely followed by No. 3, Oracle co-founder Larry Ellison, who weighed in at $158 billion.

Several new faces debuted on this years Forbes 400 list, including basketball great Michael Jordan, the first pro athlete on the list, Forbes said. Josh Kushner is another notable name to join the ranking. The younger brother of Ivanka Trumps husband, Jared Kushner, arrived with $3.6 billion in assets thanks to his venture capital firm Thrive Capital, which backed Instagram, Spotify and Slack, among other startups. WWE founder Vince McMahon returned to the list after falling off in 2020.

Despite being awash in assets and cash, the nations richest billionaires have given away less than 6% of that combined net worth, Forbes said. Out of a score of 1 (less than 1% of wealth donated to charity) to 5 (more than 20% given to charity), just 11 of the tycoons earned a 5. They included Melinda French Gates, Bill Gates, Warren Buffett, MacKenzie Scott and George Soros.

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Donald Trump falls off Forbes 400 richest Americans list amid fraud trial over inflated net worth - New York Daily News