Former American President Donald Trump dropped from Forbes magazine list which brings together the 400 richest Americans as they are worth an estimated $2.6 billion, 300 million below the minimum figure.

The news was reported yesterday by the magazine, which stated that the tycoon’s net worth has dropped by $600 million compared to last year, and the main reason is… sudden loss of value from his social network Truth Social.

Parent company Truth Social, in which Trump is the majority owner (it has 90%) fell from a $730 million valuation to less than $100 million, a reflection of its minority share in a market dominated by X (formerly Twitter) and its difficult IPO that was unsuccessful.

They also influenced loss of value of office buildings in San Francisco and New Yorkdue to the prospect of lower employment in the future, which collectively cut about 160 million, Forbes reports.

The Forbes 400 list has been “obsessed” with Trump for years, who has “constantly lied to (the magazine’s) reporters in an attempt to position himself higher” in the rankings, the article said, pointing out that the most powerful asset he now possesses is cash. about 426 million.

The former president is currently facing a civil lawsuit in New York for fraud at the Trump Organization that is jeopardizing his business, and it was in opening statements that prosecutors indicated that he not only lied to banks and insurers by inflating his numbers, but also defrauded Forbes . .

Before the trial began, the businessman had already been found guilty of business fraud by a judge who had also revoked his license to operate in the state, and as part of the ongoing trial, he faces a fine of up to $250 million and the possibility of a business veto also in the state.