President Donald Trump made an epic comeback on Forbes’ 400 list ranking the wealthiest people in the U.S. after dropping off the list for a whole year. Forbes names the president’s free-speech platform, Truth Social, as the reason for his return.
Make no mistake, before becoming the country’s 45th president, Trump’s successful real estate empire and television career made him one of the wealthiest men in the country. However, since assuming the role at the White House, Trump’s net worth dipped, eventually causing him to fall off the list.
Nonetheless, Trump’s net worth made a massive leap from $2.5 billion to $3.5 billion, marking a striking comeback on Forbes 400 at No. 342 after dropping for 12 months, Forbes reported.
The reason for this jump was Trump’s latest venture with Trump Media and Technology Group (TMTG), the parent company of the free-speech platform Truth Social, which Forbes says is his most valuable asset.
“The Trump Media and Technology Group is now the former president’s single most valuable asset. An analysis of Securities and Exchange Commission filings suggests that Trump owns more than 80% of the venture, which has run into a host of issues trying to go public via a special purpose acquisition company.”
The outlet added that Trump currently owns over 80 percent of the company, with his 73 million shares valued at $1.8 billion when set at the price investors were buying the shares at in September. President Trump also sold his Washington D.C. hotel for an alleged $375 million, allowing him to pay back a $170 million loan and keep roughly $135 million.
Recently, Truth Social hit the Google Play Store, soaring to the top 10 most downloaded social media apps in just 24 hours, per RSBN.
“In just 24 hours, #TruthSocial has cracked the top 10 most downloaded social media apps in the Google Play Store! Tell all your #Android friends to join you on Truth and help us get to #1!” Truth Social’s official account announced last week.
By the following day, the app reached the No. 1 stop, knocking the China-owned social media app, TikTok, to second place.
“Did anyone happen to notice that Truth Social is Number One, ahead of TikTok, Twitter, Instagram, Amazon, and all others? Just asking!” President Trump wrote following the announcement of the milestone.
Truth Social spent four consecutive days in the No. 1 spot following its release on the Google Play Store, RSBN reported.
Furthermore, Trump earlier this month made an exciting announcement that the app is now available for all Samsung smartphone users through the Samsung Galaxy Store.
“TRUTH is now available for Samsung Smartphone users to download in the Samsung Galaxy Store! Thank you to Samsung for moving quickly, no need for ‘unnecessary’ delays or politics. A big milestone for Truth and Freedom of Speech! JOIN TRUTH TODAY!” Trump announced.