Trump’s net worth plummeted by $ 700 million during presidency: report

Former president Donald trump lost about a quarter of his overall wealth during the four years he spent in the White House, according to the last estimate of Bloomberg Billionaires Index.

When Trump took office in 2017, his net worth has been estimated at around $ 3 billion, although the former president has always insisted that his wealth is greater than what expert analyzes have revealed. Now, Bloomberg estimates the former president is worth about $ 2.3 billion, a drop of about $ 700 million. Meanwhile, Trump has nearly $ 600 million in loans that are expected to mature in four years, more than half of which he has personally guaranteed.

The Bloomberg The report highlighted the economic fallout from the COVID-19 pandemic, which has strained the hotels, resorts and office buildings of former presidents, as has generally been the case in hospitality and real estate sectors. Meanwhile, Trump’s connection to the insurgency on the U.S. Capitol on Jan.6 has put the former president at odds with the business community, giving his traditional bankers and lenders a break before continuing to do so. deal with him.

Bloomberg estimates that former President Donald Trump’s net worth has declined by about $ 700 million. In this photo, Trump leaves the Trump Tower in Manhattan on March 9 in New York City.
James Devaney / GC Images / Getty

Most of Trump’s net worth comes from his real estate empire, which Bloomberg valued at around $ 1.7 billion. However, this part of the business also has debt estimated at over $ 250 million.

News week contacted Trump’s office for comment but did not immediately receive a response. Bloomberg reported that Trump’s company, The Trump Organization, declined to comment on his article.

Notably, BloombergTrump’s estimate of net worth is slightly lower than that of Forbes, which also closely monitors the wealth of the world’s richest individuals. According to ForbesReal-time net worth tracker, Trump is worth around $ 2.5 billion and ranks as the 339th richest person in the world. Back in September, Forbes reported that Trump’s net worth has declined by around $ 600 million over the past year.

In 2016, Trump claimed his net worth was over $ 10 billion in a personal financial information disclosure form filed with the federal government. But financial analysts have questioned this estimate because Bloomberg and Forbes have consistently tracked his net worth to a significantly lower amount for years. Trump has long disputed these assessments, but has not provided any evidence to back up his claims.

Defying precedent, the former president sadly refused to release his tax returns, which would have provided a better understanding of its overall finances. Report by The New York Times, who managed to get several years of tax returns from the former president, has suffered years of substantial losses. New York prosecutors are also currently investigating the allegations. tax evasion by the Trump Organization.

Although Trump’s financial situation currently looks relatively difficult, the billionaire has encountered significant financial difficulties in the past and has always found a way to reinvent himself. Between 1991 and 2009, Trump’s properties and businesses filed for bankruptcy six times when he was unable to renegotiate debt or was unable to make the necessary payments.

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