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Opinion: Trump’s presidency has been a disaster for his business

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In the end, Trump couldn’t have been more wrong. While Federal Election Commission filings show Trump ordered millions of people to pay Trump organizations for campaign-related expenses during his 2016 and 2020 campaigns, his net worth is now down $ 700 million. dollars since becoming president, according to a Bloomberg News report. And much of what is hurting Trump’s results is his own fault.

According to Bloomberg, revenues are falling in all corners of the Trump empire and most of its assets have lost value. Even its aircraft fleet has grown from “seven worth at least $ 59 million in 2015 to five worth at least $ 6.5 million in 2020,” according to Bloomberg. (The Trump Organization did not comment on the Bloomberg report.)

CNN reported on Friday that Trump’s personal Boeing 757, bearing his name, was sitting on an airport ramp in Orange County, New York, north of Manhattan, in need of potentially very expensive repairs. In the meantime, Trump’s political spokesperson Jason Miller has said the former president will be creating his own social media platform. This would give Trump, who was permanently suspended from Twitter and Facebook following the Jan.6 attack on Capitol Hill by his supporters, access to subscribers who sign up and, presumably, a way to generate income.

If Trump’s name has ever been his company’s greatest asset, now it is perhaps his worst responsibility.

Trump could sell several of his properties to satisfy his creditors or rename them to attract clients. While this may mean a financial salvation, nothing will allow the Trump clan to escape the shame of the 45th president’s record in business and politics.

Measuring Trump’s wealth has always been a tricky thing. Hidden in a maze of private companies, its assets and liabilities are not made public. Journalists had to sift through his many lies, exaggerations, bankruptcies and schemes, using tax records and other documents to estimate the value of his holdings. In 2015, for example, Forbes magazine said that Trump’s claim that a net worth of $ 8.7 billion was hugely inflated was almost double their estimate. A 2018 New York Times investigation also punched a hole in Trump’s long-standing claims of being a self-taught man. According to Bloomberg, Trump’s fortunes have been devastated by the Covid-19 pandemic. The murderous Jan.6 attack on the U.S. Capitol, which he instigated, also sullied Trump’s brand and cost him business after the PGA of America and New York City responded to the riot by deciding to cancel lucrative contracts with Trump entities. , it seems the 45th President’s impulse to promote wild fantasies has only created nightmares for his wallet and for the nation as a whole. While Trump’s former businesses are in shock, his political operation grossed more than $ 200 million in the month following the loss of the 2020 election. Although some of that money appeared to go into the coffers from his campaign, the Republican National Committee and their joint committees, some went to a new PAC Trump leadership created after the election. While politicians cannot use leadership PAC money directly on their campaigns, federal law provides ample leeway that allows money to be spent on almost anything from travel to staff to expenses. personal. last election, the former president is surely in the process of charting his political future. He’s already sent a cease-and-desist letter to try to stop at least three Republican organizations from using his name and image for fundraising. This approach may not win him friends, but it does indicate that he is determined to raise cash, but Trump’s financial troubles are his own fault. In the case of the pandemic, Trump deliberately downplayed the severity of the threat, telling reporter Bob Woodward, “I always wanted to downplay that.” Under Trump, who pushed lies about how the virus would miraculously “go away”, mocked face masks and failed to mount a robust federal response to the pandemic, America has experienced the largest number of cases and deaths in the world. Governors began issuing statewide shutdown orders and the economy suffered a steep decline. Hospitality has been hit particularly hard during the pandemic, and this is an industry in which Trump has many assets. According to Bloomberg, revenues at Trump’s Doral resort in 2020 have fallen by more than $ 57 million from 2015. Trump’s latest federal financial disclosure as president showed sales of the Trump International Hotel to Washington, DC, fell 63% in 2020, compared to 2019. 2,000 workers were laid off at Trump’s hotels, resorts and related businesses in the United States in mid-April. Further downsizing came in May as Trump companies sought to renegotiate rent and loan payments. Trump may have gotten some indirect help after the federal government created the Paycheck Protection Program to help businesses weather the pandemic. According to the New York Times, approximately $ 34 million was paid to the tenants of the 40 Wall Street of the Trump Organization. If the loans allowed them to maintain rent payments, it would of course have benefited the landlord. 40 Wall Street apartment building receives special attention in the Bloomberg report, which notes that the skyscraper, valued at $ 550 million in 2016 is now worth around half. The building is plagued by a $ 137 million mortgage, declining income and almost certainly Trump’s name, Bloomberg noting that a wave of businesses, including longtime Trump rental broker Cushman & Wakefield , ends their ties with the former president.

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