Former President Donald Trump lost almost a third of his fortune while he was president of the United States and fell almost 300 positions in the list of billionaires of Forbes.
According to a magazine publication, Trump made the mistake of refusing to sell assets and subsequently invest his earnings.
Had he done so, they estimated, the former president who lives in his residence in Mar-a-Lago, Florida, which is also his most profitable businesses, would have ended his presidency approximately $ 1.6 billion richer than he is today.
“If he had sold all of Day 1 (of his presidency), paid top capital gains taxes on sales, and then put the proceeds into a conflict-free fund that tracks the S&P 500, Trump would have ended his presidency. about $ 1.6 billion richer than it is today, “said journalist Dan Alexander.
Trump loses money
Last year, Trump’s fortune had been estimated at $ 3.5 billion at the beginning of his administration, but this year he is estimated to have $ 2.4 billion.
For that reason, Forbes took away the 1,001 position that he enjoyed last year to leave it at 1,299.
Forbes noted that keeping his business while he was president led to ethical conflicts for Trump.
Still, Trump is richer than he was a year ago, the magazine noted, but he couldn’t keep up with the other billionaires on the list, whose fortunes soared.
Properties that won and lost
Revenues from this venue grew from $ 21.4 million to $ 24.2 million from 2019 to 2020, representing an increase of 13%.
According to Forbes, the Mar-a-Lago club increased in value by $ 75 million during Trump’s tenure.
However, this luck did not have it other Trump businesses in Miami, because the Trump National Doral golf course, which was already in crisis before the pandemic, lost $ 160 million and has a debt of $ 125 million with Deutsche Bank that expires in 2023. The Trump Organization would be considering turning the property into a casino.
The Trump brand in hotels and licenses also reported losses due to polarization during the presidency. Losses for the brand reached $ 163 million.
However, in San Francisco, California, what is considered Trump’s most valuable property reported an appreciation of $ 102 million. This is the property 555 California Street, where they have offices Goldman Sachs Y Bank of America.
At 40 Wall Street, New York, Trump has a tower that is home to small businesses. The property lost $ 195 million during his presidency.