Well, it appears that trying to overthrow the American government, i.e. January 6, is bad for business. The biggest loser in history, the one who lost his bid for renewing his White House lease, hit the big numbers, millions and millions of votes against him. And now, we find that cost the ex-president where it hurt even more.
His January 6 callous cruelty and other less bloody acts, tanked him on his beloved billionaires’ list, where he dropped 300 places. Not to mention, he scammed and continues to scam hundreds of dollars from those who could least afford it, those on Social Security.
Trump valued himself as a strong businessman. Truth be told, he was lousy, losing enterprise after enterprise. His daddy always bailed him out. Then, a darker element took over that job. But no one could save him from himself.
Trump refused to divest his assets when he took the presidency. That was a bad mistake. If he had sold out and put his money in the Stock Market, experts estimated he would be “an estimated $1.6 billion richer,” according to The Forbes magazine.
We noticed that the Trump name on the outside of a building hurt those inside of it. By the time he left office, his wealth had dropped 33 percent. He used to have $3.5 billion. Now he has $2.4 billion. Conversely, the market increased 70 percent.
So let’s take a look at some of his biggest losers. Trump’s retail space at 6 East 57th Street in New York is worth $148 million, down from $365 million. That’s a loss of $217 million while Trump was in office. Why? He was stuck with a 65,000-square-foot retail space while America shopped online during the pandemic.
His location and his name caused:
‘Profits at Trump’s Financial District tower, home to dozens of small firms, plummeted 32% during the first three quarters of 2020, the most recent period on record.’
‘Two of Trump’s major tenants here, Goldman Sachs and Bank of America, made a show of distancing themselves from Trump after the Capitol riot. Behind the scenes, however, both re-upped their leases in Trump’s most valluable property.’
His hotel management & licensing enterprise lost $163 million during his four years in office. Real estate analyst Kevin Brown said:
‘He has done permanent damage to the Trump name and image, at least for two or three decades.’
On top of that:
‘Trump’s branding business didn’t benefit from four years of polarization and the January 6 Capitol riot. Several licensees have dropped the Trump name from their properties, and no one seems eager to step in and replace them.’
The Trump National resort located in Doral, Miami is currently valued at $135 million, and he owes $125 million. After losing $160 million during his term, it only has a value of $10 million. The reason was:
‘Business at this golf resort was already bad before the pandemic. Then revenue plunged more than 40%. With $125 million of Deutsche Bank debt coming due in 2023, rumors are circling that the Trump Organization may consider turning the property into a casino.’
Then, there is Mar-a-Lago in Palm Beach, Florida. It gained $75 million for a net value of $250 million. The reason is:
‘When the coronavirus hit, northeasterners flocked south and Floridians stayed put. Huge demand and limited supply were welcome news for the state’s homeowners, including Trump. He bought the Palm Beach club, where he decamped after leaving D.C., in 1985 for about $10 million: $5 million for the oversized home, a reported $3 million for fancy furnishings, plus another $2 million for beachfront land across the road.’
The Mueller Report Adventures: In Bite-Sizes on this Facebook page. These quick, two-minute reads interpret the report in normal English for busy people. Mueller Bite-Sizes uncovers what is essentially a compelling spy mystery. Interestingly enough, Mueller Bite-Sizes can be read in any order.