Tornado Alley (PROG)

[hap0206]

oh, oh -- bad news for trump bashers
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Former President Donald Trump can again lay claim to membership in an elite club: The Forbes 400 list of the richest Americans.

Trump reclaimed a place in the business magazine's annual list after tumbling from the rankings last year, which marked the first time in 25 years Trump hadn't been included. The real estate investor lands at No. 343 on this year's list, tied with other billionaires including casino magnate Steve Wynn, Campbell Soup heir Bennett Dorrance and Yahoo! co-founder David Filo. Trump's net worth has jumped from $2.5 billion in 2021 to $3.2 billion this year, Forbes estimated.

The biggest boost in Trump's wealth this year has come from his stake in Trump Media & Technology Group, which Forbes describes as his "single most valuable asset." The former president owns about 80% of the venture, according to the Forbes analysis. Their valuation is based on the prospect of Trump Media & Technology Group going public via a so-called special purpose acquisition company, or SPAC.

That SPAC, Digital World Acquisition Corp., is publicly traded, with Forbes estimating that Trump's 73 million shares would be worth $730 million, assuming a $10 per share stock price for Digital World. Digital World is currently trading at a significant premium, with its shares trading at $16.60 as of Tuesday afternoon.
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Trump's wealth also got a lift from the sale of his Washington, D.C., hotel for $375 million, which allowed him to repay a $170 million loan while keeping an estimated $135 million, Forbes said. Other deals have helped Trump build a cash stockpile of $375 million in a cash, up from $79 million last year.

Still, not all of Trump's investments are flourishing, the magazine said. His New York City real estate holdings are suffering from the impact of the pandemic on the metropolis, with Forbes estimating Trump's interest in Trump Tower has declined to $207 million, or $78 million less than a year ago.

Trump also faces allegations in a 221-page civil complaint filed last week by the New York State Attorney General's office that the former president and his company engaged in a years-long scheme to enrich themselves by inflating the values of many of their properties.

Even if his properties have indeed been overvalued, Forbes noted, his assets "are still extremely valuable."

https://www.cbsnews.com/news/donald-trump-forbes-400-richest-list-2022/