Real billionaires are seeing their fortunes increase as the economy recovers post-Obama. But despite Trump's unethical attempts to profit from the presidency, his net worth saw a nine-digit drop over the last year.
The evidence continues to mount that, despite his best efforts to unethically monetize the presidency, Trump is failing to do so.
A new analysis from Bloomberg estimates that over the past year Trump’s net worth has dropped $100 million. It is the second time in two years that Trump’s holdings have lost value.
Meanwhile, real billionaires have seen their net worths rise over the same period.
The news service estimates a total net worth of $2.8 billion, a far cry from the $10 billion Trump has repeatedly claimed.
There is no way to verify his claim, as Trump refuses to release his tax returns. He was the first candidate and first in the Oval Office in over 40 years to hide his returns. Republicans have repeatedly aided him in covering up his finances.
The drop in Trump’s worth is even more jarring considering the strength of the American economy. Trump was handed an economy in recovery by President Barack Obama, who enacted policies and legislation opposed by Republicans to undo the devastating Bush Recession.
Bloomberg notes, “Trump’s fortune doesn’t qualify him for Bloomberg’s list of the world’s 500 richest people, which bottoms out at $4 billion. The collective wealth of that group increased 9.4 percent in the past year.”
He has been trying to make a quick buck while holding on to the presidency.
He refused to divest from his businesses like other presidents of both parties have in the past. At the same time he has repeatedly — at taxpayer expense — traveled to his properties and brought the spotlight of the presidency to them.
It isn’t really working.
Occupancy is down at Trump Tower in Manhattan, along with his property at 6 East 57th Street. Those properties have lost Trump $220 million in value.
While he has constantly been a weekend (and occasionally weekday) presence at his golf clubs, business is slow there as well. Overall revenue is down $70 million, even at Mar-a-Lago, which he claimed as the “Southern White House.”
One of his few bright spots has been the Trump International Hotel in Washington, D.C. Thanks to the Trump name and proximity to the White House, the hotel has become a corruption hub for those seeking access and favors from him.
The D.C. hotel has been able to capitalize on this corrupt setup by raising its rates relative to others in the area.
At the same time, Republican organizations and campaigns, as well as foreign governments and companies, use the hotel to funnel money directly into Trump’s private accounts.
The one thing Trump was supposed to be good at was unethically making money from his presidency. But as is so often the case with Trump and business, he is failing. Sad.