Here's the Forbes 400. Nice illustration at the top of the page.
How does Forbes know so much? Trump's on trial — a trial that needs to go on for months — over what he's worth.
October 4, 2023
"Donald Trump... is $300 million shy of the cutoff for The Forbes 400 ranking of America’s richest people..."
"... the annual measurement that Trump has obsessed over for decades, relentlessly lying to reporters to try to vault himself higher on the list.
His net worth is down more than $600 million from a year ago. The biggest reason: Truth Social, his social-media business.... Trump’s 90% stake in Truth Social’s parent company has plummeted in value from an estimated $730 million to less than $100 million. Also in trouble: his office buildings, which are down by an estimated $170 million. The majority of that decline comes from 555 California Street, a 1.8 million square-foot complex in the heart of San Francisco, where Trump holds a 30% stake.... The problem is not the property’s performance to date... but... its outlook for the future.... The neighborhood around the building is also struggling.... There is a bright spot in Trump’s portfolio. As fewer people spend time in the office, more are goofing off on the golf course...."
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22 comments:
The list gets much wrong. There are multiple omissions and Forbes adds some thru their own errors in…valuation.
Trump is not the only one who campaigns to be on the list. Interestingly there are many who work at trying to stay off…
I wonder what California appraises the property in San Francisco and how it compares to the current market.
Trump may need to re-enact his 'John Barron' persona and call into Forbes to try and convince them to do the poll again....
How does Forbes know so much?
Hard to say but it might possibly have something to do with tracking his wealth year by year for the past quarter-century.
'When I make a valuation,' Humpty Dumpty said in rather a scornful tone, 'it means just what I choose it to mean — neither more nor less.
This is only the third time since 1990 that Trump has been off the list. How many people can say that? By the way, Trump is #1 in self-deprecation and not trumpeting or clintoning his accomplishments, or tooting his own horny horn.
Forbes says they were successfully conned, apparently by someone much smarter than their staff, when they put Trump "on" in 1990. What about all the other times? Roadrunner getting away, Wile E. Coyote looking at himself in a mirror and saying "Genius, pure genius"?
The movie Lord Jim (not in the book): he's in, you're out, and he's the fool?
Who thought Truth Social was worth $730M? That's INSANE! It was merely Trump's uncensored mouthpiece...maybe $50M...maybe $5M... The greed of investors cannot be overestimated.
California real estate, and office real estate nationwide, is set for a steep and painful decline. WSJ recently reported that managers are still struggling to get the big-dollar white collar employees back to the office. Trump has been in real estate forever, so his fate is tied to the remote work revolution. He'd be expected to have winners and losers in his portfolio, and yes, his golf and Florida stuff is likely up a lot.
Forbes has been wrong in the past, but the Forbes 400 is popular among wealth and finance groupies so it continues. It doesn't have the weight of law and "shouldn't" influence courts or judges.
So Forbes knows exactly what he's worth, but none of those allegedly defrauded banks do?
Am I getting this right?
Forbes says they were successfully conned
They must have the New York judge with xis foolproof objective valuation methods after them...
in june 2015 Donald trump submitted his campaign finance statement. It showed his networth as a tad more than $9 billion. Forbes disagreed at the time and said it was $3b.
The statement was 90 pages long and detailed his wealth building by building, partnership by partnership. If it was materially wrong, it would have been trivial for the demmies or the Repo primary opponents to show. "He claims this building is worth $100mm, knowledgeble people put it closer to $50m" and so on.
If it could be shown that there were material misstatements of value it would have been 1) a violation of law and 2) enough to get him kicked off the ballot.
Yet nobody, including Forbes, did that. Until somebody does, I will accept the $9b as factually accurate. Within +/- 10% or so since any real estate value is always an estimate, not a firm number.
Probably less now, after all the anklebiting. But I still won't trust Chinese owned Forbes magazine to provide accurate info. They used to be really good. They have been shitty fake news, dis- and mis-information since Steve Forbes sold the magazine to the Chinese.
John Henry
It has beena long time since I have read Forbes or paid attention to the list. My recollection is that the list has tremendous turnover. 75% or more every 10 years.
As someone else said, being on the list consistently for this long is quite an accomplishment even if he drops off this year.
John Henry
"Trump is #1 in self-deprecation and not trumpeting or clintoning his accomplishments, or tooting his own horny horn."
Hahahahaha! OMG!
Is that judge going to hold up a copy of the newspaper showing the headline, and simper for the cameras again?
"The majority of that decline comes from 555 California Street, a 1.8 million square-foot complex in the heart of San Francisco"
Is it ironic that they herald Trump's loss of wealth being due to the decline in projected future value of urban office buildings in the heart of Democrat controlled cities since Joe Biden assumed the presidency?
And what, pray tell, is causing the surrounding neighborhood to struggle?
Forbes has to have this wrong. I have been told by multiple lefties, including some on this very blog, that Trump greatly enriched himself through nefarious real estate deals in Russia, Russia, Russia by selling out American to Putin, Putin, Putin throughout his presidency. How is it possible that he is now poorer than he was in 2016? Could the Lefties have been wrong about Trump's character? Second question: should I now pull Cookie's other finger?
LLR Rich: "Trump may need to re-enact his 'John Barron' persona and call into Forbes to try and convince them to do the poll again...."
LOL
Such a perfect LLR-democratical Chuck sockpuppet comment!
Exit question: is LLR lonejustice also a sockpuppet or just an arranged LLR-democratical backup as well?
Transparent.
Market valuation chaos... indict him.
--- Trump may need to re-enact his 'John Barron' persona and call into Forbes to try and convince them to do the poll again....
Better, then, that he should try as lonejustice. or LLR Chuck. Or just RICH.
I see Drago beat me to this. It's crazy to feed the attention whore. I will pray for Papal dispensation for my sin this time.
Sometimes I think Chuck/Rich/lone is a double agent. Aren't his comments too-too obvious -- too much the thoughts of a patsy -- to be believed?
"How does Forbes know so much?"
Forbes just took earlier figures and subtracted Trump's estimated millions in legal fees to defend against Democrat lawfare.
Kai Akker: "Sometimes I think Chuck/Rich/lone is a double agent. Aren't his comments too-too obvious -- too much the thoughts of a patsy -- to be believed?"
Double agents, to preserve their viability in both directions, had to consistently provide something of some value to both factions.
LLR-democraticals C****, lonejustice and Rich support every democratical talking point and narrative BS without exception while simultaneously attacking any republican or conservative or independent that dares push back against the democratical agenda while also simutaneously defending and running interference for every democratical political need.
Thus, Team LLR is a straightforward set of democraticals though they wail and moan and proclaim their LLR "bona fides"...which always draws well earned laughter.
It seems to me that the one that ibsesses the most over the Forbes 400 List is Forbes.
I don't understand how a judge can rule as a matter of law -- that is, without evidence -- that a defendant's valuation of his/her/its real estate is fraudulent. Maybe I've missed it -- this isn't my ISSUE NO.1. But I practiced law, including real estate law, for a lot of years. How do you value an office building, an apartment building, a vacant lot? How do you allocate square footage between rentable space and (say) corridors and elevators?
Yes, of course! OF COURSE!!! Trump exaggerated his properties' values. He exaggerated EVERYTHING. That's what they do.
Holy Sh*t we have a President who's family has been soliciting millions of dollars for influence on the "Big Guy", and folks are whining about whether Trump's real estate values are accurate? Get real!
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