Forbes projected Tuesday that former President Donald Trump’s net worth had climbed by $600 million since he left office. Trump is believed to have a net worth of $3 billion, up from $2.4 billion a year earlier.
According to the business publication, the surge was mostly spurred by Trump’s new social media site, Truth Social. He and his colleagues developed the platform as an alternative to more mainstream networks like Facebook and Twitter through their Trump Media and Technology Group.
These famous networks will ban Trump following the attack on the United States Capitol on Jan. 6, 2021.
According to Forbes, Trump’s net worth increased by $430 million due to Truth Social, which has been downloaded over one million times.
Trump’s fortune has been reassessed six months after Forbes removed him from its list of the United States’ 400 wealthiest individuals. He fell $400 million short of the criteria, marking the first time in 25 years that he has been removed from the list.
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Forbes attributed the decline to Trump’s unwillingness to diversify his holdings away from real estate and more lucrative assets such as technology companies.
Trump launched Truth Social in February, and despite some technical difficulties and a decline in downloads over time, the former president’s net worth has benefited.
According to Forbes, Trump controls at least 50% of the firm but cannot sell them until Trump Media joins with a special purpose acquisition company.