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HomeUSBloomberg removes Donald Trump from prestigious billionaires list after Truth Social parent...

Bloomberg removes Donald Trump from prestigious billionaires list after Truth Social parent shares tank

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Bloomberg, a popular media company that publishes an updated Billionaire list, has removed Donald Trump from the top 500 billionaires in the world. Although the outlet does not provide exact information about how it calculates a billionaire’s worth, it says in its list that figures of their net worth analysis are updated at the close of each trading day in New York.

Bernard Arnault of luxury goods maker LVMH remains the richest man in the world, followed by Amazon founder Jeff Bezos at number 2, as of April 12, 2024. However, Donald Trump’s name is missing from the list. Bloomberg says that the close of the trading day is considered when calculating net worth, and Truth Social parent stock trading under the ticker symbol DJT has fallen after an initial high.

 

On Wednesday, Trump Media & Technology Group (TMTG) saw another 9 percent decline and closed at $34.26 per share. The stock has seen a total decrease of 57 percent since it peaked on March 26. As the largest shareholder, Donald Trump had billionaire status on paper, as shares cannot be sold for six months after a public offering unless the directors approve.

The recent decline in TMTG (DJT) shares and Donald Trump’s subsequent decline in the value of his shares on paper have been considered reasons why he has been removed from Bloomberg’s Top 500 list.

Donald Trump is also facing legal liabilities and civil cases. He recently posted a bond of $175 million using Knight Speciality Insurance in a New York civil case.

Fortune reported that New York prosecutors are questioning if the company is good for the money, as it is not licensed in New York.

Forbes also estimated that Trump might have to roll over roughly $780 million in mortgage debt. Interest rates are at an all-time high, and prime real estate markets in New York and other states continue to face vacancies as many people continue to work from home.

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