Loses billions. How Trump is getting poorer

After his presidency, Trump should think about his business

The bulk of Trump’s financial fortune is tied to half a dozen buildings in Manhattan – and New York City is particularly hit by the coronavirus crisis.

Donald Trump got rid of criminal charges for instigating the rebellion, but his problems did not end there. The former president is still accused of tax fraud, and the ongoing crisis is hitting his business empire.

So what does the future hold for Trump?

Does finance sing romances?

The former president’s actual fortune is estimated at $ 2.5 billion. According to Forbes, Trump is ranked 339th among the wealthiest Americans. Compared to last year, Trump dropped 64 lines in this ranking.

The bulk of his financial fortune is tied to half a dozen buildings in Manhattan – and New York City is particularly hit by the coronavirus crisis. Soon after the city became the epicenter of the US pandemic, an economic downturn began. In New York, an unprecedented number of apartments and buildings are still empty, and the cost of rent has fallen on average by 19%, which causes problems for Trump too.

Real estate in Washington and Chicago is also problematic. According to Forbes, in just one year, one of his golf resorts in Miami lost 80% of its value.

But Trump’s position may worsen even further, the American media predicts. After the storming of the American Capitol, the New York administration announced that it would stop doing business with Trump. Also, the companies that rented premises in his real estate objects are now trying to terminate the contract.

Criminal cases

In addition, Trump faces several lawsuits, as he is no longer the incumbent president and is not protected from legal harassment. Several prosecutors are on the heels of Trump trying to prove his tax fraud.

For years, there have been accusations that Trump used tax tricks, overestimating his assets to get lucrative loans, and downplaying his property in order to pay less taxes. If indicted, Trump will have to defend himself long and costly.

But Trump is no stranger to dealing with crises. In 1988, he also tried unsuccessfully to create a luxury airline and even acquired a $ 365 million fleet of Boeing aircraft for it. However, the project turned out to be a failure. Trump Hotels & Casino Resorts, one of his industries, had to declare bankruptcy twice.

The ex-president is not afraid of failure and is optimistic about the future – despite the difficulties of his post-presidency.

As he once said in an interview with Playboy magazine, “Some people have no calling to be rich. It’s talent. Some have a talent for playing the piano. Some are talented at golf. And I just have a talent for making money.”

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