Donald Trump’s entire career as a public figure was based on one thing: his money. Or at least the marketing of that idea. In the past, he claimed that his net worth is “surplus” of $ 10 billion, although that sum has never been verified and Trump has never substantiated it. In fact, Forbes, the finance magazine that obediently obeys the ranking and net worth of the richest people in the world, estimated Trump’s total net worth at $ 3 billion, thanks mainly to the money and connections he inherited from your father.
But on Thursday, as a result of the downward spiral in the stock market, Forbes downgraded its valuation of Trump’s fortune, estimating that he had lost approximately $ 1 billion in value from his commercial properties, residential properties, hospitality properties, licensing and administration of hotels, golf courses and luxury properties. Although these calculations are based on changes in the market since the outbreak began, New York City real estate agent Eric Anton told Forbes that the analysis is “as good as any other way I can imagine”.
The irony here is that this is, at least in part, due to Trump’s mismanagement of the U.S. COVID-19 response that has led to market volatility in recent weeks. At one point, Trump delivered a speech prepared to calm investors, where he announced a ban on travel from Europe – instead, it scared them so much that the stock market had one of its shares. only worst days in decades. But his government’s generally slow and negligent approach to the outbreak, which Trump denied was a significant problem and insisted it was under control, made the need for more aggressive social distance measures and the closing of non-essential deals inevitable. As a result, almost 10 million people applied for unemployment benefits in just two weeks.
South Korea, Singapore and Taiwan are sharp contrasts with how the US paid the price for the slow response to coronavirus, even though they are much closer to China. These countries took the threat seriously immediately and started aggressively tracking people, ensuring that the tests were widely available and easy to access. Thanks to an organized and effective public health system, South Korea – which confirmed its first case of COVID-19 on the same day as the United States – was able to test up to 20,000 people a day, and Taiwan even tested people arriving from China before they even got off their planes. None of the countries had to effectively close their economies like the USA, although in a global economy their financial fortunes are also linked to the American economy.
It is unusual for Trump to lose money because of his presidency. He used his position to promote its hotels and resorts, even trying to host the next G7 summit at the Trump National Doral golf resort near Miami. Secret Service usually stays on Trump’s properties when the president is on vacation, payment and food room directly to the president’s private business, sometimes up to $ 650 a night, for a single room. Obviously, the hotel industry was one of the most affected by the global economic crisis – including the Trumps’ DC hotel, which had a steady stream of revenue from foreign governments seeking to please the American president and was for sale until the current economic crisis.
One of the points of contention in the negotiations for the recent stimulus bill was that Democrats wanted to include a provision that would prevent Trump family to benefit financially from legislation. But that does not seem to have completely prevented the extended family from getting involved in shady pandemic-related businesses: in March, the president announced that Google was helping to create a website that informed people if they had symptoms of COVID-19. The company that ended up creating the site was Oscar Health, an insurance company run by Trump’s son-in-law brother Jared Kushner, who had Google as the main investor. An Oscar spokesman said The Atlantic that the company produced the site at the request of the White House.
In March, the president tweeted “America’s private sector is stepping up to help us be STRONG!” And there are reports of private companies trying to help with coronavirus relief efforts, changing production, donating hand sanitizer or money or offering services to help hospitals and displaced workers. But, according to an investigation by the ProPublica, none Trump companies already intensified.