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.
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.