According to a new Bloomberg report, former President Donald Trump’s net worth dropped $700 million during his presidency.
Trump’s net worth reportedly fell from $3 billion to $2.3 billion, with both the pandemic and Capitol riot affecting his business empire.
Personally, I think that just goes to show how much he truly loves America. Even with his net worth dwindling, he still ran for a second term and may run again in 2024. Not to mention, he donated his entire presidential salary during his four year term.
Trump is not in it for the money. He is in it out of pure love for our country and wanting to see it succeed.
“The fallout from the Capitol assault has hurt his relationships with brokers and lenders. At least $590 million in loans come due in the next four years, more than half personally guaranteed by Trump, and his scrapyard of failed enterprises has only gotten more crowded,” Bloomberg writes.
After the riot in January, Trump’s lender Deutsche Bank declared that they would no longer conduct business with Trump.
That alone must have had a heft impact. Although, I can imagine there is another bank out there who would love to have Trump’s business.
The Hill reports:
Bloomberg estimates that the value of Trump’s commercial real estate properties dropped by 26 percent between 2016 and 2021, currently valued at $1.7 billion. His commercial real estate businesses account for roughly three-quarters of his wealth, Bloomberg notes.
The value of Trump’s hotels and resorts reportedly took an even greater hit, falling by 42 percent between 2015 and 2021 and incurring debts worth $330 million that are personally guaranteed by the former president.
The value of his other properties such as residential buildings, books and entertainment deals all dropped by more than 80 percent.
"A post-pandemic economic recovery could reinflate the value of his properties. He could continue his run of bestsellers, pivot back to television or start a rival to the social media platforms that have shunned him. Even if things go poorly, he could make the best of losses by using them to slash his tax bills, as he’s done for years," Bloomberg added.
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