Since last week, when the still president of the United States, Donald Trump, instigated his followers to march on the Capitol, his brand and his fortune are in crisis. It is being rejected by some of the political donors who fed it, it has been banned from the technological platforms that have amplified its message, the banks that manage its finances have pointed out that it will no longer be welcome, as has the American golf industry that runs the business of his clubs.
It took his four years as president for most of those who were his corporate allies to turn against him now, when his pressure will not be able to bring about major changes in an administration that is hurrying its last days. However, although there is no longer time for major changes politically, there is time for economics, as your latest actions could have a major negative impact on your business. “As you walk out of the palace gates, you are burning the kingdom, but in doing so you are damaging your own brand,” brand specialist Sally Hogshead tells Bloomberg. The expert adds that there is a factor of shame for a greater percentage of the population than before when pointing out that they sympathize with the president.
In a few days, Trump has been shunned by Wall Street, Silicon Valley and Washington. Twitter and Facebook suspended his accounts on their platforms after his messages encouraged violence. Canadian e-commerce company Shopify closed the Republican candidate’s campaign tent.
Some of the banks that Trump and his family have worked with for years have also turned their backs on him. The most notorious case is that of Deutsche Bank, which has decided to refrain from continuing to do business with the politician and businessman, who owes the company more than 340 million dollars. The German bank is Trump’s most important lender, but the entity’s chief operating officer in the US, Christiana Riley, condemned the violence last week through a post on her LinkedIn profile. “We are proud of our Constitution and we support those who seek to ensure that the will of the people is respected with a peaceful transition,” he wrote. Deutsche Bank has yet to make an official statement, but it might be tired of the bad publicity of remaining associated with the Trump brand.
For its part, Signature Bank, an entity of which Ivanka Trump became part of the board of directors, assured that he is cutting ties while they pressure him to resign. The firm is closing two personal accounts in which Trump held $ 5.3 million, The New York Times reported Monday.
Democrats have launched another attempt to impeachmen, that would make Trump the only representative to have faced two impeachments. All of this has led even his favorite props to turn against him. The PGA, America’s premier men’s golf circuit, has said its board voted to end an agreement that the Trump-owned golf course in New Jersey would host the next championship. “It has become clear that holding the PGA Championship at Trump Bedminster would be detrimental to our brand,” he said. Jim Richerson, PGA President, via video release. The disagreements between Trump and the tournament, however, are not new, the organization has already decided not to celebrate its 2015 Golf Grand Slam at Trump National in Los Angeles when the president assured that Mexican immigrants include rapists.
The future of Trump’s business is not so bright, according to Carly Fiorina, the former CEO of HP who fought the president in the primaries in 2016. “His brand is toxic,” the executive told Bloomberg on Monday. “This will have real consequences for his business, even as he continues to have the support of some in the Republican party,” he continued.
Other brands such as Coca-Cola, Marriott, Morgan Stanley and AT&T have also assured that they will cease donations to members of the Republican party who do not recognize the victory of Joe Biden or who join the accusations of electoral fraud by the still president of the United States. .
In any case, Trump’s career is a story of ups and downs, and his brand could also come back stronger than ever, especially among the fervent supporters who stormed the Capitol. His associates say that there are still lucrative opportunities for him, for example, in the media, including a possible role in his own news channel or the publication of books. While it’s hard to imagine Trump coming back to the top after treacherous actions, brand strategist Rebecca Horan tells Bloomberg, “History shows us that we have a short memory.”