Donald Trump arguably has had a love-hate relationship with Forbes, especially after the global media company dropped his name from their list of the 400 wealthiest people in the United States. So, when Forbes called off their deal with the 28-year-old CEO Austin Russell, as per Bloomberg , the former President passed a sarcastic comment on the failed acquisition.
![Image Source: Getty Images | Photo by Jim Vondruska](https://www.inquisitr.com/wp-content/uploads/2023/11/ddb922f4-3b4c-4ac4-82c4-c8e7c32a3fb0.jpg)
On his Truth Social Platform, the 77-year-old wrote, “Oh, really bad news! The Owned by China Forbes Magazine deal with Russia just fell apart, so China will continue to own and run it and say bad things about your favorite President, ME. But eventually, it will cease to exist, [and] be worthless. BAD WRITERS! Anyone that pays more than $50 Million for this pathetic outlet of Fake News is a fool.”
Trump begged Forbes every year to place him higher on their list… pic.twitter.com/N1maFRqRmr
— Puppy (@liberalpuppy) November 25, 2023
Apparently, earlier this year, Luminar Technologies agreed to acquire 82% of Forbes in a deal for $800 million. The remaining part was to be left with the Forbes family, reported Axios . However, the ‘self-made billionaire’ failed to arrange the finances (according to an internal memo), and consequently, the deal was terminated.
It’s owned by an American. They have over 150 writers and are read by 150 million readers. And those writers can all spell and compose grammatically correct sentences. Unlike you.
— Mary Purviance (@MaryPurvia77887) November 26, 2023
The Forbes deal couldn’t be successful as the Indian investment firm Sun Group didn’t send the money to the 28-year-old CEO on time, along with other investors. However, Russell is currently negotiating with the Hong Kong-based investment firm Integrated Whale Media. A Rep. from Russell’s family office said, “It was determined that it was in the best interest of the parties that the contract be terminated,” adding, “We wish nothing but the best to the Forbes team,” reported Reuters. Forbes Media CEO Mike Federle said the outlet’s daily operations won’t be affected, and the company will continue to ‘consider other opportunities.’
Trump’s Truth Social just filed a historic defamation lawsuit against 20 media companies including the Daily Mail, Daily Beat, Forbes, etc. The lawsuit is asking for $1.5 BILLION in damages caused by their lies pic.twitter.com/HvzYMYV309
— Anonymous Patriot (@0331online) November 21, 2023
As for Trump, the Republican front-runner lashed out at the media company on his Truth Social, stating, “Forbes Magazine, which lost most of its relevance long ago and which knows less about me than Stormy Daniels (who doesn’t know me at all!) or Rosie O’Donnell, took me off their Fake Forbes 400 list, just by a ‘whisker,’ even though they know that I should be high up on that now very dated and discredited antique.”
Forbes was the best thing since sliced bread when Trump was on their “wealthy list.” Funny how now they’re the devil when they dropped him.
— Wendall (@wenkendall61) November 26, 2023
He alleged the outlet of being a pawn in the hands of New York A.G. Letitia James, who filed the $250 million fraud lawsuit for inflating his wealth. “For years, Forbes has attacked me with really dumb writers assigned to hit me hard, and I am now up 60 Points on the Republicans and beating Crooked Joe by a lot. So much for Forbes,” Trump attacked the outlet online.
In response, Forbes stated, “Removed from The Forbes 400, Trump responds as he always has—by lying about his net worth and saying he should be higher on the list.” The outlet continued, “We take extraordinary care in valuing his fortune, and our ownership—which does not include China’s wealth fund—plays no role in that effort.” In fact, the former real estate mogul said, “I hereby demand a full apology from the failing Forbes magazine,” reported The Guardian. He had been on the list since the 1990s.