Donald Trump’s huge business empire and controversial assets
Long before he ran for President three times in a row, Donald Trump was known as the most flashy billionaire in the United States.
Donald John Trump was born on June 14, 1946, the fourth of five children of New York real estate tycoon Frederick Christ Trump. Despite coming from a wealthy family, Trump still had to start from the lowest jobs in his father’s company.
Donald Trump is the fourth of five children of the New York real estate mogul.
After graduating from the Wharton School of the University of Pennsylvania, he was chosen to succeed his father after his older brother, Fred, decided to become a pilot. Trump entered the real estate industry with a $1 million loan from his father and joined the family business. He managed his father’s residential portfolio in New York and by 1971, he had taken control of the company, renaming it the “Trump Organization”.
Trump’s early career was marked by controversy, most notably a 1973 housing discrimination lawsuit.
Under Trump’s leadership, his family company expanded from modest apartments in Brooklyn and Queens to luxury projects in Manhattan. He restored the rundown Commodore Hotel to become the Grand Hyatt. In 1976, he developed the Grand Hyatt with tax breaks from the city, paving the way for later mega-projects like Trump Tower and Trump Plaza. Fifth Avenue became home to Trump Tower, one of his most famous properties.
In the 1980s, Trump ventured into casinos in Atlantic City but encountered financial difficulties, leading to the company going bankrupt several times in 1991, 1992, 2004, 2009 and 2014. However, he protected his brand and used the bankruptcy to reduce debt, switching to licensing for other fields such as golf courses, hotels, etc. Trump-branded properties such as casinos, condominiums, golf courses and hotels sprung up in Atlantic City, Chicago, Las Vegas, and many other places in the world such as India, Türkiye and the Philippines.
Trump is famous as a flashy billionaire.
He is also well known in the entertainment industry for owning beauty pageants such as Miss Universe, Miss USA, and Miss Teen USA, and for creating and hosting the reality television series “The Apprentice” on NBC. His catchphrase “You’re fired!” on the show made the name “Donald” a household name for 14 seasons.
In addition, Trump also writes books, participates in movies, professional wrestling shows and sells many products from drinks to ties.
Controversial Assets
As one of the richest presidents to ever occupy the White House, Donald Trump has been the subject of much debate about his true net worth. In 2015, Trump claimed his net worth exceeded $10 billion. As of June 2024, the Bloomberg Billionaires Index estimated his net worth at $7.7 billion, up $4.6 billion from the previous year, putting him among the world’s 500 richest people. Forbes magazine put the figure lower, at $6.7 billion.
The bulk of Trump’s wealth now comes from his stake in Trump Media and Technology Group, the company that owns the social network Truth Social. According to an April 2024 filing with the US Securities and Exchange Commission (SEC), he owns more than 114 million shares and 36 million bonus shares, which adds $1.2 billion to his fortune, according to Bloomberg. Forbes values his stake in Trump Media at $5.6 billion.
Trump’s assets have always been a controversial topic.
As a presidential candidate and then president, Trump consistently refused to release his tax returns, which would have revealed his income and the taxes he paid. Although the New York Times published some information from Trump’s tax returns in 2020, they do not shed complete light on his net worth. Trump has been required to file annual financial disclosures with the federal government during his presidency, and he faces a similar requirement when he runs for reelection in 2024.
Trump’s financial reports often give wide ranges of values, with major assets such as Mar-A-Lago Club valued at “over $50 million” and Trump Media & Technology Group at “between $5 million and $25 million.”
According to Forbes, Trump’s assets as of May 2024 include:
– Media and technology group: 5.6 billion USD
– Real estate: 1.1 billion USD
– Golf Club and Resort: 810 million USD
– Cash and other assets: 510 million USD
– Liabilities: 540 million USD
However, these figures were self-reported by Trump, and the auditing firm Mazars USA, which was in charge of Trump’s financial reports, withdrew in 2022, saying it could not guarantee the reliability of previous reports.
Asset inflation allegations and lawsuits
Donald Trump’s net worth has always been a matter of debate, with many accusing him of exaggerating to boost his image. With his companies privately held and his financial records largely speculative, it is difficult to accurately determine his true net worth.
In 2022, New York Attorney General Letitia James sued Trump, alleging that he and his organization had inflated the value of his assets to obtain favorable loan terms. James claimed that between 2011 and 2021, Trump had filed more than 200 false asset reports to deceive financial institutions.
In September 2023, James further accused Trump of overstating his net worth by $1.9 billion to $3.6 billion per year between 2011 and 2021. On September 26, 2023, the judge ruled in favor of the prosecution. On May 30, 2024, Trump was convicted of 34 felony counts of falsifying business records.