As hard as he tries, the billionaire president is not profiting from his time at the White House, according to a new report.
President Donald TrumpThe company’s net worth has fallen by more than $ 1 billion since the year he launched his presidential campaign at the foot of the Trump Tower escalator, Forbes reported Tuesday.
The president’s net worth is $ 3.1 billion, down from $ 4.5 billion in 2015, according to Forbes. As a result, Trump fell on the Forbes 400 list, the latest issue of which will be published on Wednesday. Trump was America’s 248th richest person in 2017 Forbes List.
The magazine identifies three main factors that affect Trump’s income and business:
Trump’s wealth is waning, even when the president took steps to increase his revenue while in office, according to Forbes. These measures include Trump launching his re-election campaign shortly after the November 2016 race, which kept donations flowing and which were used by Trump’s companies.
The Trump Organization did not respond to CNBC’s request for comment on the Forbes report. But Eric Trump told the magazine in a statement: “My father made a tremendous sacrifice when he left a company that he spent his entire life building to get into politics … Everything he does is for the good of the American people – he has none. involvement in the Trump Organization and, frankly, to suggest otherwise, is scandalous. “
The White House also did not immediately respond to CNBC’s request for comment on the Forbes report.
Trump sharply deviated from the precedent set by other modern presidents when he refused to completely undo his business empire after winning the 2016 election against Hillary Clinton. Instead, he transferred his assets to a fund managed by his sons, Eric Trump and Donald Trump Jr., in addition to the Trump Organization’s chief financial officer, Allen Weisselberg.
Weisselberg was immunity granted by federal prosecutors investigating former Trump personal lawyer Michael Cohen. In August, Cohen pleaded guilty in August to eight criminal charges, including payments in violation of campaign finance laws, which he said were made “in coordination” with Trump “with the primary purpose of influencing the election”.
Meanwhile, Trump’s bombastic rhetorical style on the campaign trail and at the White House appears to have made some companies reluctant to establish relationships with the Trump Organization, according to Forbes.
Trump started his campaign by claiming that the people “Mexico sends” are bringing drugs, crimes and rape to the United States. At the end of that year, he called for a “total and total closure of Muslims entering the United States until the representatives of our country can find out what is happening.”
As a result of his controversial positions, the licensing aspect of the Trump Organization – in which Trump sells his name to be prominently displayed in buildings and products for which he may not actually be responsible or responsible – has suffered a huge blow.
Forbes estimates that Trump’s licensing operation is now valued at around $ 3 million, significantly below the 2015 $ 23 million estimate by Forbes. Brands like Serta and Macy’s separate from your licensing agreements with Trump right after some of his most incendiary comments about the campaign.