Trump drops off Forbes 400 list for first time in 25 years

themickey

themickey

Trump drops off Forbes 400 list for first time in 25 years
Aaron Gregg
Oct 6, 2021
https://www.afr.com/world/north-ame...st-for-first-time-in-25-years-20211006-p58xjq

Former US president Donald Trump was left off the Forbes400 list of America’s richest people for the first time in a quarter-century, the magazine reported.

The business magazine estimated his net worth fell by about $US600 million ($822 million) during the pandemic as big-city properties – the core of his assets – lost value, leaving him with $US2.5 billion. The 400th entry onForbeslist, the Arkansas-based investment banker Warren Stephens, logged a net worth of $US2.9 billion by comparison.

Had Donald Trump sold his real estate and invested the money in a simple S&P 500 market-tracking index fund the day he entered the White House, he would be worth about $US7 billion today, according to Forbes. AP

Amazon founder Jeff Bezos, with an estimated net worth of $US177 billion, topped the list for the fourth year in a row,Forbessaid. Mr Bezos also owns Blue Origin, an aerospace company, andThe Washington Post.

Rounding out the top five are Tesla and SpaceX chief Elon Musk ($US151 billion); Bernard Arnault ($US150 billion) of LVMH, an empire of 70 brands including Louis Vuitton and Sephora; Microsoft co-founder Bill Gates ($US124 billion); and Facebook founder Mark Zuckerberg ($US97 billion).

Unsurprisingly, the top echelons of America’s wealthy in 2021 made their money in the technology sector. Nine of Forbes’ 10 wealthiest Americans ― all except Berkshire Hathaway chairman Warren Buffett ― founded or led a major tech firm.
 
Wow thats nuts. I suppose its only a temporary issue as property will continue to stabilise. It shows how much technological companies are making. It really seems the future of investing in an innovative technology company
 
Too funny, I wonder if this will distract him from his election crap? Every time these lists come out he threatens to sue the magazines for underestimating his wealth by "huge" numbers. Not surprisingly he never follows through, and on occasion in past articles they have documented actual values that he has inflated. I would hazard a guess that he got away with the inflated figures to his lenders and was terrified they might come after him when they see what the actual fair value is.
 
eastern_warrior said:
who cares other than the narcissist himself?
More...
Trump cares in as much I believe Trump thought that running for presidency would be good for business due to the further public exposure it would produce.
I think even Trump was surprised when he won the election, because winning wasn't the goal, it was just the public exposure, being in front of the media cameras.

However it seems to have backfired, most decent people seem to have become disgusted with Trump and would prefer to boycott his hotels than stay in them, obviously covid hasn't helped either.
 
https://www.theguardian.com/us-news/2021/oct/08/donald-trump-washington-hotel-lost-70m

Trump hid losses of $70m at DC hotel during his presidency, records reveal

House Democrats say deception about hotel, which became a place for Republicans to do business, was detailed in documents

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Martin Pengelly in New York
@MartinPengelly
Sat 9 Oct 2021

Donald Trump hid losses of more than $70m at his eponymous Washington DC hotel while he was in the White House, House Democrats said on Friday.

The House oversight committee said the deception was detailed in documents released by the General Services Administration (GSA), which leased the Old Post Office building on Pennsylvania Avenue to the Trump Organization in 2011 and which signed off on its operation of the hotel after Trump entered the White House, just steps away.

Trump has faced wide-ranging questions about alleged self-dealing to his businesses while he was in power.

His Washington hotel became a place for Republicans to be seen and to do business but it suffered under the pandemic and after Trump’s defeat by Joe Biden last November. The Trump Organization is reported to be nearing a sale of the lease.

According to the House committee: “On his federally mandated financial disclosures, President Trump reported that the Trump Hotel earned him over $150m in revenue during his time in office.

“However, the records obtained by the committee show that the Trump Hotel actually incurred net losses of over $70m, leading the former president’s holding company to inject at least $24m to aid the struggling hotel.

“By filing these misleading public disclosures, President Trump grossly exaggerated the financial health of the Trump Hotel. He also appears to have concealed potential conflicts of interest stemming not just from his ownership of this failing business but also from his roles as the hotel’s lender and the guarantor of its third-party loans.”

The committee said that in 2018 Trump received preferential treatment from Deutsche Bank, which allowed him to delay payments on a $170m loan.

“Without this deferral,” the committee said, “the hotel may have needed to pay tens of millions of additional dollars to Deutsche Bank at a time when it was already facing steep losses. Mr Trump did not publicly disclose this significant benefit from a foreign bank while he was president.”

Links between Trump, figures close to him and Deutsche Bank have been scrutinised during investigations of Russian election interference, throughout Trump’s presidency and in its aftermath.

The committee said the bank allowed Trump to defer payments for six years. By that time he would have been out of office even had he beaten Biden in 2020 and any default would perhaps have been less politically damaging.

The committee also said Trump failed to reveal sufficient details of more than $3.7m received from foreign governments, “sufficient to cover over 7,400 nights at the Trump Hotel at the average daily rate” and potentially violating the emoluments clause of the US constitution, which is meant to stop federal officials profiting from their positions.

Trump also concealed debts when he obtained the lease on the Old Post Office from the GSA in 2011, then “transferred millions of dollars in and out of his DC Hotel through affiliated entities and opaque transactions”, the committee said.

The committee chair, Carolyn Maloney of New York, and Gerald Connolly of Virginia, chairman of the subcommittee on government operations, wrote to the head of the GSA.

The documents “raise new and troubling questions about former president Trump’s lease with GSA,” they said, “and the agency’s ability to manage the former president’s conflicts of interest during his term in office when he was effectively on both sides of the contract, as landlord and tenant.

“… This new evidence raises many questions that require further investigation and action by the committee.”

Trump and the Trump Organization did not immediately comment. Trump has said investigations of his financial affairs are politically motivated and without legal merit.

The news comes at a troubled time for Trump and his business interests. This week, for the first time, he was not included in Forbes’ list of the richest 400 Americans.

“If Trump is looking for someone to blame, he can start with himself,” said Forbes.
 
"Trump and the Trump Organization did not immediately comment. Trump has said investigations of his financial affairs are politically motivated and without legal merit."

Pot calling the kettle black. If half of what is true in the books, multiple investigations and legal cases are true, seems like his best plan is to get back in office before the trials and convictions begin.
 
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