Trump Ousted From Forbes 400 List of Wealthiest Americans

The news comes as Trump's estimated net worth of $2.6 billion falls $300 million short of the cutoff for the annual ranking. Forbes notes that Trump has long fixated on this list, often providing exaggerated information to boost his standing.

Former US President Donald Trump has been dropped from the Forbes 400, a prestigious list of America's wealthiest individuals, as announced by the magazine on Tuesday.

One contributing factor to Trump's exclusion from the list is the uncertain fate of his social media company, Truth Social, which had planned to merge with a Special Purpose Acquisition Company (SPAC). Forbes suggests the performance of Truth Social made it challenging for the former commander-in-chief to secure alternative financing.

The development comes amid a recent gag order ruling by a New York state judge regarding Trump's civil fraud trial in the Empire State. The presiding judge earlier determined Trump committed fraud by inflating his net worth on financial records.

The lawsuit, filed by the officer of New York Attorney General Letitia James, alleges Trump's annual net worth was overstated by as much as 39% from 2011 to 2021, amounting to a potential exaggeration of between $812 million and $2.2 billion.

Trump, who is currently a leading contender in the GOP presidential primary, vehemently denies any wrongdoing, characterizing the case as a political witch-hunt.

Trump previously fell off the Forbes 400 list in 2021 for the first time in 25 years, with an estimated net worth of $2.5 billion largely attributed to the real estate impact of the COVID-19 pandemic. However, he rejoined the list in 2022.

Forbes currently ranks Elon Musk, the visionary behind Tesla, SpaceX, and other ventures, as the wealthiest person in the United States, with an estimated net worth of $251 billion.