The Presidency Has Cost Donald Trump Over $1,000,000,000
Forbes reported Tuesday, that US President Donald Trump’s bottom line has taken a big hit since taking office.
According to Forbes, President Trump has dropped from $4.5-B in Y 2015 to $3.1-B the last 2 years, knocking him 138 spots lower on the latest Forbes 400 wealth listing.
The full Forbes 400 list will be published Wednesday. President Trump was the 248th wealthiest person in America on the Y 2017 list.
“Trump’s mixture of politics and business has proved to be a net loser for him so far… to the tune of an estimated $200-M hit against his net worth,” Forbes’ Dan Alexander and Chase Peterson-Withorn wrote.
The magazine attributed the drop to deeper reporting, broader market forces that have made real estate and brick-and-mortar retail markets less lucrative; and the President’s polarizing brand of politics on his business.
According to Forbes, President Trump’s wealth is decreasing even as the President has taken steps to boost his revenue while in office.
Those steps include President Trump launching his re-election campaign just after the November 2016 race, which kept donations coming in
Neither the Trump Organization nor the White House commented on the Forbes listing, but Eric Trump, who co-manages the Trump Organization on behalf of the President, issued a statement blasting the report.
“My father made a tremendous sacrifice when he left a company that he spent his entire life building to go into politics,” the statement declared. “Everything he does is for the good of The American People, he has Zero involvement in the Trump Organization and quite frankly to suggest otherwise is outrageous.”
President Trump refused to fully divest from his business empire after winning the Y 2016 election against Hillary Clinton, instead transferring his assets to a trust run by his sons, Eric Trump, Donald Trump Jr., and the Trump Organization’s CFO, Allen Weisselberg.
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