Former United States President, Donald Trump, was excluded in the annual Forbes 400 ranking of the wealthiest Americans.
This was revealed in a message on Forbes’ verified Instagram page on Tuesday night.
The organization stressed that Trump is now worth an estimated $2.5billion, leaving him $400million short of the cutoff to make this year’s 400 list.
According to Forbes, the real estate mogul was just as wealthy as he was a year ago when he stood at number 339 on the ranking but down $600million since the start of the pandemic.
Technology stocks, cryptocurrencies and other assets have reportedly thrived in the COVID-19 era. While big-city properties which make up the bulk of Trump’s fortune had languished, knocking the former president out of the nation’s most exclusive club.
“The market’s wild swings and stunning rise since the early days of the COVID-19 pandemic had made many millennials avid investors, and nobody had benefited more from their obsession with meme stocks and cryptomania than a few of their young peers,” it reported.
The report had it that, 15 members of The Forbes400 are under 40, up from 12 in 2020, with six appearing on the list for the first time in all.
The 15 include 29-year-old Sam Bankman-Fried has amassed an astonishing $22.5billion via his FTX, the cryptocurrency exchange.
Rival exchange Coinbase’s co-founders Brian Armstrong (38)’s wealth stands at $11.5 billion and Fred Ehrsam (33) at $3.5 billion; Robinhood Markets’ 37-year-old co-founder Baiju Bhatt at $2.9 billion.
Mark Zuckerberg (37), by far the wealthiest person in the group, has a $134.5billion fortune.
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