Donald Trump has plummeted 300 spots on the Forbes billionaire ranks published on Tuesday.
Forbes reported that he could have been at least 1.6 billion dollars richer had he divested from his private businesses during his presidency. His fortune reportedly fell by nearly a third from four years ago, from $3.5 billion to $2.4 billion.
The result was a massive drop on the coveted list from 1,001 to 1,299.
Forbes noted, however, that Trump is actually richer now than he was a year ago, when the outlet released their valuations at the beginning of the pandemic. His ranking fell because he could not keep pace with the other billionaires on the list who saw their fortunes rise.
If he had sold everything on Day 1, paid the maximum capital-gains taxes on the sales, then put the proceeds into a conflict-free fund tracking the S&P 500, Trump would have ended his presidency an estimated $1.6 billion richer than he is today, Forbes reported.