Forbes finds Trump's net worth up $600 million since leaving office
Former President Trump’s net worth has risen drastically since he left office, reversing a drop in wealth he experienced during his presidency.
Forbes estimates that Trump has gained $600 million since January 2021, taking his net worth from $2.4 billion to $3 billion.
The uptick shows a recovery in Trump’s wealth since his presidency, which caused him to fall off Forbes’s list of America’s richest people last fall.
He was $400 million short of the cutoff in October, as he was only worth $2.5 billion at the time.
Forbes said the rise in wealth can be attributed to his new social media platform Truth Social.
Trump launched Truth Social in February, a year after he was kicked off Twitter following the Capitol riot.
The social media platform has had many glitches since its unveiling, including some users being put on a “wait list” for weeks to join the platform.
Its popularity also fell quickly after its release. The app was in the top spot for free downloads on the Apple store after it launched, but dropped to number 116 after only 20 days.
Those who were able to get on the platform when it first came out said there were many technical issues and active discussion was limited.
Forbes says Trump owns at least 50 percent of the shares for the company. However, he cannot sell the shares unless Trump Media merges with a special purpose acquisition company, a deal that is currently being probed by the Securities and Exchange Commission and the Financial Industry Regulatory Authority, according to Forbes.
His increase in wealth comes at a time when he has hinted on multiple occasions about running for office again in 2024.
It is unclear how another run for office or presidency would affect Trump's wealth, as one of the factors that affected the former president's assets during his term was the coronavirus pandemic.
He also saw many sever business relationships with him after the Capitol riot because many private businesses did not want to be associated with Trump's conspiracy theories about the election that inspired the attack.
However, Trump has downplayed his losses in wealth on several occasions, saying it was worth it to him to lose money in order to serve as president.