Trump Family Fortune Suffers Dramatic Plunge As Lawsuits Ramp Up

0
560

EALTHAccording to the Bloomberg Billionaires Index, the net worth of ex-President Donald Trump has fallen by hundreds of millions of dollars since around the time that he took office as president. From a previous level of $3 billion, Trump’s net worth now sits at $2.3 billion, according to the new Bloomberg report. The COVID-19 pandemic has inflicted a heavy toll on the global hospitality industry, including the Trump family business, but that’s not the only problem. From 2015 to 2018, profits plummeted at Trump’s Chicago property by a whopping 89 percent. Trump’s destructive political antics haven’t exactly boosted his brand.

Bloomberg summarizes Trump’s financial situation, in part, as follows:

‘His financial disclosures and loan documents, interviews with former executives and industry analysts, and a host of legal fights and investigations reveal just how much trouble Trump and his company could face. Covid has been hard on office buildings key to his wealth and hotels and resorts that bear his name. 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.’

When Trump “looks around, much of what he sees will be sad and some will be a total disaster,” Bloomberg adds, although the publication also notes that Trump has faced precarious financial situations — like his multiple bankruptcies — in the past. Throughout his presidency, Trump never financially detached himself from his businesses, meaning that political interests hoping to potentially garner favor with the then-president could visit one of his properties and directly financially support him. Trump’s hotel in D.C. was a prime target of this political spending, but in the time since Trump’s exit from the White House, news reports have spread about how business is falling at the property.

One point of Trump’s portfolio where his losses have been particularly pronounced is his stake in a pair of skyscrapers owned by Vornado Realty Trust. According to Bloomberg, “The value of his stake, which makes up roughly one-third of his fortune, has fallen by $80 million since 2019 to about $685 million.” According to a report from The Wall Street Journal, Vornado has explored finding some way to get Trump out of the properties, but at present, that hasn’t occurred.