Despite his win at the White House late last year, Donald Trump hasn’t seemed to be able to capitalize on his newfound prestige. According to Forbes magazine, the commander-in-chief’s fortune shrank by as much as $600 million last year, hitting $3.1 billion. The drop has also seen him fall down Forbes 400 list of the richest Americans, moving from 156th to 248th, a position he now shares with Snapchat creator Evan Spiegel.
Trump has gone on record challenging Forbes’ wealth rankings in the past but did not immediately respond to the news.
Forbes, on the other hand, was prepared to catch some flack from the outspoken president.
“We’ll see if he tweets today. I know he cares a lot,” said Luisa Kroll, Forbes magazine’s senior wealth editor in an interview during CNBC’s Squawk Box.
Despite his criticism, Trump had given Forbes a White House interview on October 6. In the interview, Trump talked about his relationship with Rex Tillerson, Secretary of State, and about the new economic development plan. He also mentioned his plan for filling vacancies within the White House.
Some may wonder how the former reality star’s finances could take such a turn given his status as president and constant spotlight in the news.
Among the many strikes against him, Trump is currently dealing with a 25 million dollar lawsuit, a costly presidential campaign, and a tough New York real estate market. Since the last Forbes ranking, several of his properties had slumped in value, reducing his fortune by an estimated $400 million. Trump’s defeat of Hillary cost him $66 million in 2016. Finally, his now-defunct Trump University — where many students complained that they had not received the promised ‘secrets of real estate success’ — ended with a $25 million settlement.
It wasn’t all gloom and doom for Trump, according to Forbes.
Trump’s minority stake rose in a downtown San Francisco office building. As well, the magazine also noted that the estimated value of the Las Vegas hotel-condo tower he co-owns with Phil Ruffin saw its price rise.
In total, 289 members of last year’s list had increased fortunes, whereas 51 members dropped in total fortune.
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