- BBC World News
Former United States President Donald Trump’s net worth fell by about $ 700 million during his four years in the Oval Office.
According to the Billionaires Index of Bloomberg, Trump’s fortune declined from US$3.000 a US$2.3 billion.
The calculation was made by analyzing financial documents and other files from among May 2016 and January 2021, in order to elucidate how much the ex-president’s wealth was before and after leading the US government.
Among the reasons that explain this decrease in his patrimony is the pandemic of covid-19, as Trump-branded office buildings, hotels and resorts lost significant revenue and fell in value.
The former president’s commercial real estate represents around the three-quarters of his net worth.
Bloomberg estimated a drop in 26% in value of its main commercial properties.
Loss of confidence after the assault on Capitol
But the pandemic is not the only reason behind the former president’s loss of money.
The brutal assault on the Capitol in January by followers of the ex-president It has caused organizations and companies to prefer to keep their distance from the former president.
Thus, for example, Professional Golfers Association (PGA) The United States ended a deal to host the 2022 tournament at Trump’s golf course in New Jersey, saying it would damage the group’s brand.
And although golf has become a popular sport among certain circles during the pandemic, thanks to its maintenance of social distancing, the two Trump courses in Scotland have also constantly lost money, according to the documents of Bloomberg.
While, Deutsche BankThe only bank willing to lend him money after its bankruptcy in the 1990s, it also said that after the Capitol riots it would not do business with him again.
On the other hand, Trump also owns a fleet of planes that includes a Boeing 757. These planes are decades old and their value has declined over the years, according to financial information analyzed by Bloomberg.
Seven aircraft were valued at around US $ 59 million in 2015. Then in 2020, five of them were valued at around US$6,5 million. The value of Trump’s planes has fallen over the years, in part because he has sold part of his fleet.
During Trump’s presidency, his finances were constantly in the spotlight. One of the most contentious issues was the amount of taxes he actually paid.
Last month, the Supreme Court ordered Trump to turn over his tax returns and other financial records to New York prosecutors.
Trump has repeatedly refused to share documents about his fortune, business and taxes, claiming that it is victim of a witch hunt.
New York investigation deals with alleged secret payments made by former Trump attorney Michael Cohen two women, which could have violated campaign finance laws.
The former president denied having been associated with those two people.
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Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.