President Donald Trump loves to brag about what a great businessman he is. And he also steadfastly maintains that his halfhearted response to the COVID-19 pandemic has been exemplary.
But according to Forbes, Trump’s mishandling of the ongoing crisis caused by COVID-19 has cost him big time, sending his net worth plummeting over the past year and causing him to drop 64 spots on the just-released Forbes 400:
“It has been a tough year for President Trump. On top of impeachment and the pandemic, his net worth has dropped an estimated $600 million since last September, to $2.5 billion. That puts him at No. 339 on The Forbes 400, down 64 spots from a year ago.”
Forbes says COVID-19 is in large part to blame for the dramatic fall Trump and the Trump Organization have taken:
“Blame the coronavirus, which has battered not only the president’s poll numbers but also the very industries in which he holds his biggest assets. Values for office buildings have plummeted. Same with hotels, particularly ones in big cities. Trump has significant debt against his properties in D.C. and Chicago, both of which appear to be underwater these days. Doral, his golf resort in Miami, is worth an estimated $28 million, after accounting for its mortgages, down 80% in a year.”
The bad financial news comes on the heels of reporting from the New York Times which suggests that the president’s reelection campaign is also in serious financial trouble and may have burned through over $1 billion that had been raised to fund the 2020 race for the White House:
“Trump’s financial supremacy has evaporated. Of the $1.1 billon his campaign and the party raised from the beginning of 2019 through July, more than $800 million has already been spent. Now some people inside the campaign are forecasting what was once unthinkable: a cash crunch with less than 60 days until the election.”
Things have gotten so bad when it comes to funding for the campaign that the president is reportedly mulling the idea of using $100 million of his own money so he can continue to run television ads in the closing days of the election.
The Trump Organization is also under investigation by New York Attorney General and Manhattan District Attorney Cyrus Vance, Jr. who has impaneled a grand jury and is on the verge of getting eight years of the president’s tax returns.
Everywhere he looks, things are falling apart for Donald Trump. Karma has come to call.
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