Trump Rejoined 400 Wealthiest Americans
Home News 3 Reasons Why Trump Rejoined the 400 Wealthiest Americans List
News - September 30, 2022

3 Reasons Why Trump Rejoined the 400 Wealthiest Americans List

Donald Trump, the former president of the United States, made history in 2016 when he became the first billionaire to be the president of America. Though he fell off the list in 2021 for the first time in 25 years, Trump rejoined the list of the 400 wealthiest Americans in September 2022.

According to the report, his wealth increased from  $2.5 billion to $3.2 billion from 2021-2022. This was due to some business decisions of the real estate mogul. Here is how he made it back to the list. 

The acquisition of his media company

One notable trait about Trump is that he is not a quitter. This attitude led to the creation of his Trump Media & Technology Group after being banned from Twitter. His Truth Social App is intended to compete with Twitter.

The company serves as Trump’s biggest wealth boost. It is his single most valuable asset and controls about 80% or 73 million shares. The evaluation by Forbes was based on the valuation of Trump Media & Technology Group going public through a special purpose acquisition company (SPAC).

This is to be done through Digital World Acquisition Corp., a publicly traded company. If the shares are, therefore, sold for about $10, Trump will receive about $730 million after the closure of the merger between Digital World and Trump Media & Technology Group.

The merger, however, remains inconclusive due to factors like the Securities and Exchange Commission and the Department of Justice investigations. However, if successful, Trump Media & Technology Group will receive over $1 billion.

The sale of the Washington D.C hotel

Another variable to consider was the sale of his Washington DC international hotel. He sold the hotel to CGI Merchant Group for $375 million. The sale of the hotel made enabled him to repay his $170 million debt.

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His real estate

Donald Trump’s real estate also contributes to his cumulative wealth. One such building is the Trump Tower. He owns about $207 million interest in the building. The building, which is a 58-floor, 664-foot-tall (202 m) mixed-use skyscraper, serves as the headquarters for the Trump Organization.

Trump lawsuit

Though Trump rejoined the 400 wealthiest Americans list, he is currently being charged with a 221-page civil complaint and a $250 million lawsuit by the New York State Attorney General’s office.

According to the Attorney General, Letitia James, “Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and to cheat the system, thereby cheating all of us.”

She thereby accused him, his companies and three children of engaging in fraud by overvaluing their assets by billions of dollars to enrich themselves and receive beneficial financial terms on loans, insurance premiums and tax.

To this, Letitia James quoted one of Trump’s books mockingly. She said, “Claiming you have the money you do not have does not amount to the art of the deal. It’s the art of the steal. There cannot be different rules for different people in this country or this state.”

However, lawyer Alina Habba is one of the people who believe the claims against Trump are politically motivated. She says, “The lawsuit is solely focused on advancing the Attorney General’s political agenda. We are confident that our judicial system will not stand for this unchecked abuse of authority, and we look forward to defending our client against each and every one of the Attorney General’s meritless claims.”

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