For the first time in twenty-five years, Donald Trump has fallen off the Forbes 400 list, a ranking of the wealthiest Americans.

The outlet explains that Trump’s net worth is down $600 million since the start of the pandemic, as the real estate holdings that make up the majority of his $2.5 billion fortune have fallen in value.

Ironically, ethics officials were pushing Trump to sell his real estate assets after he was elected in 2016, citing a potential conflict-of-interest. But Trump ignored those calls.

If he had followed their advice, sold the properties, and invested in an index fund tracking the S&P 500, he would be 80% richer than he is today.

“His refusal to divest, in other words, cost him $2 billion,” explains Forbes.

Forbes notes that Trump is currently $400 million short of securing a spot on their list. He had steadily fallen in the rankings since 2017.

According to Forbes, Jeff Bezos ($201B) and Elon Musk ($190.5B) are the wealthiest Americans.

Outside of investor Warren Buffett, every billionaire in the Forbes top 10 made their fortune from technology.