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Donald Trump excluded from prestigious list of billionaires after Truth Social parents' swan dive

Donald Trump excluded from prestigious list of billionaires after Truth Social parents' swan dive


When Donald Trump first ran for president in 2016, he staked his reputation on his wealth. Not only did the real estate mogul master the art of dealmaking, but his vast wealth kept special interests from buying him.

Nearly a decade later, his finances are in tatters: legal bills are piling up and interest is piling up; New York State threatens to seize some of its major properties; and shares of its parent company Truth Social are now in freefall.

Today, the Bloomberg media group stripped Trump of his prestigious membership in its virtual billionaire country club.

This week, he was excluded from its index of the world's 500 richest people after shares of Trump Media & Technology Group fell.

TMTG shares lost another 9% on Wednesday to close at $34.26 each, bringing the total decline to 57% since their March 26 peak.

In truth, the former apprentice host empire has already fallen into a far from pristine state.

At least four of Trump's companies have declared bankruptcy, and no major lender except risk-friendly Deutsche Bank is still willing to do business with him.

In February, the Trump Organization was found responsible for borrowing $464 million against fraudulently inflated real estate values, and the $175 million bond obtained by Trump from Knight Specialty Insurance to defer asset foreclosures until 'for his appeal to be heard seems risky.

November victory offers best chance to become a member again

New York prosecutors are currently questioning whether the company, which is not licensed in the state, is even profitable.

Otherwise, authorities could begin fundraising, and New York Attorney General Letitia James has warned that her building at 40 Wall Street could be a prime candidate.

Trump will also have to roll over more than $780 million in mortgage debt over the next five years, according to a Forbes estimate, just as interest rates have reached punitive levels and vacancies in housing markets first order are skyrocketing as more people work from home.

The story continues

The March 26 listing of Truth Social's parent company, Trump Media & Technology Group, seemed to come just in time.

Beyond the $300 million in cash raised from investors to ensure his immediate survival, the initial surge in his stock price added more than $3 billion to Trump's wealth overnight.

Yet the more Wall Street saw the commercial substance, or lack thereof, of TMTG, a money-losing Twitter clone whose main appeal was its most famous user, the more the stock plunged.

However, Trump is nothing more than a survivor.

The influence he acquired in the business world thanks to his victory in the US presidential election in November could soon allow his coffers to replenish.

Who knows, she might even get her Bloomberg billionaire membership card back.

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