Trump plummets 300 spots on Forbes billionaires list as former president’s fortunes continue to tank

Former President Donald Trump plummeted on the Forbes billionaire ranks published on Tuesday, as the magazine reported he could have been billions of dollars richer had he divested from his private businesses during his tenure in the Oval Office.

Falling 300 spots on the coveted list, the former president — who has long boasted about his status as a billionaire — Mr Trump qualified for No. 1,299 on this year’s Forbes billionaires list.

The former president’s tanking fortunes drew stark comparisons to the massive amount of wealth the world’s wealthiest individuals had accrued over the last few years, as Mr Trump delivered substantial tax cuts for corporations and the richest Americans in the country. His current net worth stands at $2.4 billion, Forbes reported.

Mr Trump’s network of hotels and golf courses faced financial hardship at several notable locations over the last several years, from his building on New York City’s iconic fifth avenue, which reportedly lost $217 million over his years in office, to his tower in the financial district, which lost an estimated $195 million.

Some entities Mr Trump owned during his time in office saw steady profits over the last several years, including 555 California Street in San Francisco, where Forbes reported key tenants — including Bank of America and Goldman Sachs — resigned leases despite distancing themselves from the former president.

Watch: Biden willing to push through infrastructure without GOP

Read more:

• Donald Trump re-branding himself as ‘45th president’ to get away from ‘damaged’ name, say experts

• Utah fathers will be forced to pay half of women’s healthcare costs during pregnancy

• Hunter Biden opens up on affair with brother’s widow: ‘It came out of overwhelming grief’

• Matt Gaetz claims sex crime claims are Democrat conspiracy to derail his engagement

Mr Trump’s golf properties lost significant revenue, including the Trump National Doral in Miami, which saw revenue drop by nearly 40 percent. The former president spent much of his tenure visiting his own luxury properties and golf resorts.

Mr Trump placed on 1,001 on the list. His net work appeared to fall by nearly $700 million throughout his presidency, from an estimated $3 billion to $2.3 billion. Forbes had previously reported on the former president’s tanking fortunes last month, before updating its billionaires list in April.

Watch: Trump Admin Will Auction Off Portion of Wildlife Refuge to Oil and Gas Companies Before Leaving Office