According to Bloomberg, Trump’s net worth fell from $3 billion to $2.3 billion, with the coronavirus pandemic and fallout from the deadly Jan. 6 Capitol breach both heavily impacting his business empire.
Many of Trump’s businesses — hotels, casinos and office spaces — have been decimated by the pandemic as workplaces shut down and tourism came to a halt due to global travel restrictions.
“The fallout from the Capitol assault has hurt his relationships with brokers and lenders. At least $590 million in loans come due in the next four years, more than half personally guaranteed by Trump, and his scrapyard of failed enterprises has only gotten more crowded,” Bloomberg writes.
Following the January riot, Trump’s lender Deutsche Bank announced it would no longer conduct business with him in the future.
The Hill has reached out to the Trump Organization for comment.
Bloomberg estimates that the value of Trump’s commercial real estate properties dropped by 26 percent between 2016 and 2021, currently valued at $1.7 billion. His commercial real estate businesses account for roughly three-quarters of his wealth, Bloomberg notes.
The value of Trump’s hotels and resorts reportedly took an even greater hit, falling by 42 percent between 2015 and 2021 and incurring debts worth $330 million that are personally guaranteed by the former president.
The value of his other properties such as residential buildings, books and entertainment deals all dropped by more than 80 percent.
Despite these losses, Bloomberg notes that Trump has bounced back from financial failures in the past.
“A post-pandemic economic recovery could reinflate the value of his properties. He could continue his run of bestsellers, pivot back to television or start a rival to the social media platforms that have shunned him. Even if things go poorly, he could make the best of losses by using them to slash his tax bills, as he’s done for years,” the outlet writes.
Trump’s businesses are currently under investigation by Manhattan district attorney’s office.
In February it was reported that Manhattan prosecutors had obtained Trump’s tax returns. And in early March sources told the Wall Street Journal that Manhattan District Attorney Cy Vance Jr. (D) was intensifying his probe into Trump’s Seven Springs Estate to find if he had inflated the property’s value to gain greater benefits from financial institutions.
Via The Hill