TRUMP’S WEALTH SINKS TO $2.3B FROM $3B, BLOOMBERG CLAIMS
Defeated former US President Donald Trump’s fortune has sunk, with the Bloomberg Billionaires Index (BBI) placing his net worth at $2.3 billion, down from $3 billion when he won in 2016, Bloomberg News reported.
“The pandemic he promised would disappear is walloping his company, and the riot that got him impeached for a second time is wounding his brand,” Sophie Alexander and Max Abelson reported for Bloomberg News.
“His financial disclosures and loan documents, interviews with former executives and industry analysts, and a host of legal fights and investigations reveal just how much trouble Trump and his company could face.
COVID has been hard on office buildings key to his wealth and hotels and resorts that bear his name.
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,” Alexander and Abelson added.
Trump’s commercial real estate operations are mired in $$256.8-million debt and are valued at $1.7-billion, down 26%. His resorts and hotels are swimming in $330-million debt, with income at $90.8-million, for a 42% reduction in income despite a valuation of $558.9-million.
His golf resorts have $18 million in debt despite an income of $108.3-million. These resorts are valued at $271.7-million. His licensing and management agreements netted an income of $22.7-million, down by 30%.
For other properties valued at $375.9-million, Trump has a debt of $25.6-million, down 85%. Trump’s aircraft are valued at $31-million, down 59% due to depreciation and non-use.
His royalties are a disaster, Bloomberg News says, as he raked in only $119,000, or 87% down, as people shunned his ghostwritten books.
The worst performance was in entertainment as Trump earned $350,000, down 99%, as the market despised him. Trump also scrubbed a total of 17 products and five of his casinos were bankrupted and taken over by creditors.