President Donald Trump‘s business is reportedly worth much less than it previously claimed.
According to Crain’s New York Business, a business-centric publication that tracks business in New York state, the Trump Organization dropped from near the top of its well-publicized list to 40th place this year after Crain‘s discovered that public filings by the president showed the organization had less than a tenth of the revenue it previously reported.
Crain’s said last year the Trump Organization claimed $9.5 billion in sales, but public filings this year showed revenues between $600 million and $700 million. Crain’s listed the Trump Organization as third on the 2016 list.
“It was obviously important to Donald to have his company at the top of the list and I don’t know why he felt that way but the numbers that he presented are just flagrantly untrue,” Aaron Elstein, a reporter for Crain’s, told WNYC.
The new ranking puts the Trump Organization in the same league as the company that makes KIND snacks, a New Jersey-based wine and spirits company, Modell’s Sporting Goods, and the restaurant and catering supply company Jetro Cash & Cary Enterprises.
Earlier this year Forbes estimated that the president’s worth was $3.5 billion overall, but that his wealth dropped by $200 million ahead of the 2016 election. Crain’s speculates that the organization may be losing value due to market saturation in New York City for hotels and luxury condos—in fact, it points out that the average price per square foot for a Trump Tower apartment had fallen 23 percent since 2015.