Trump asserted that his former Presidency resulted in multi-billion-dollar losses in potential earnings.
“It’s cost me anywhere from $2 [billion] to $5 billion to be president … between what I lose and what I could have made,” Trump reportedly said during a cabinet meeting at the White House.
“I Was Doing Really Well.”
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“I would’ve made a fortune if I just ran my business – I was doing it really well,” Trump said
“This thing is costing me a fortune,”
Trump also told reporters, “If I had it to do it again, I would do it in an instant, because who cares, if you can afford it, what difference does it make?”
Net Worth of $3.1 Billion Was Unchanged
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Forbes Magazine refuted Trump’s claims, saying, “There is no evidence that Trump lost billions since he became President. His net worth of $3.1 billion was unchanged from last year.”
$5 Billion Is “More Than He’s Ever Been Worth”
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“Trump is not losing $3 billion to $5 billion. His income isn’t anywhere near $3 billion. And his net worth has not dropped by $3 billion since he went into politics—let alone $5 billion, which is more than he’s ever been worth.”
In 2015, Forbes had previously estimated Trump’s fortune at $4.5 billion.
“Today we estimate it to be $3.1 billion, a drop of $1.4 billion,” Forbes stated last year.
Trump’s “Unpopularity” in Key Places Led to Losses
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Chase Peterson-Withorn wrote an article in Forbes citing the most apparent reasons for Trump’s losses over the years, including the Trump National Doral’s “steep drop in business” due to his “unpopularity.”
“Steep Drop In Business” Since Trump Entered Politics
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“That’s led to big losses in key areas. Trump National Doral, the President’s largest golf property, has historically drawn much of its clientele from parts of the country where Trump is unpopular. The resort has seen a steep drop in business since Trump went into politics,” wrote Peterson-Withorn.
Luxury Real Estate in “Blue Cities”
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Peterson-Withorn went on to explain, “The Trump Organization’s traditional wheelhouse of luxury rental residential real estate is suffering too, since much of it sits in blue cities like New York and Chicago.”
Trump’s Brand Licensing Business “Flatlined”
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“And the President’s brand licensing businesses have basically flatlined. A handful of licensees have struck the Trump name from their properties,” he continued.
Companies “Fled During Trump’s Campaign”
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The Forbes article explained that companies that have previously used the Trump brand “fled” during the former President’s campaign and added,
“No one has stepped in to fill the void, dropping the value of that business close to zero.”
Trump Doesn’t Care About Losses
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Trump stated that he did not care about his alleged losses during his Presidency, claiming he was doing it for “the people.”
“Whether I lost $2 billion, $5 billion or less, it doesn’t make any difference. I don’t care,” Trump said. “I’m doing this for the country. I’m doing it for the people,” he further stated.
Trump’s Fortune Dropped to $2.5 Billion This Year
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In another Forbes article, Dan Alexander recently wrote about Trump’s more current losses in April.
“The former president’s fortune dropped from an estimated $3.2 billion last fall to $2.5 billion today.”
Social Media Site Led to Trump’s Fall in Fortune
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Trump’s net worth had plunged so much, with most of the loss primarily attributed to the failure of his social site Truth Social, which was supposed to rival X, formerly Twitter.
Truth Social Has Plunged in Popularity
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One of the reasons for Trump’s failing social media site could be that he initially set up the venture after he was banned from Twitter. Trump wanted to create a site that had a more conservative viewpoint.
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However, billionaire businessman Elon Musk took over Twitter and reinstated Trump and the far-right conservatives that had previously been banned. He made his decision to reinstate the former President in a Poll he held on Twitter, asking the users if Trump should be allowed back.
In light of the results, Elon Musk reinstated Trump’s Twitter account last year, stating, “The people have spoken. Trump will be reinstated. Vox Populi, Vox Dei.”
Forbes Valued Truth Social at Roughly $1.2 Billion
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“Today, shares of Trump’s SPAC are 92% off their highs, trading at $14 apiece, a level that suggests the former president’s business is worth $1.2 billion,” explained Dan Alexander in the Forbes article.
The Social Platform Has an Estimated 5 Billion Users
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Alexander then pointed out that not many had taken to Trump’s new site.
“The fundamental problem is that barely anyone uses Truth Social. Before it launched, an investor presentation suggested the app would attract 81 million users by 2026. Now, over a year after going live, it has only an estimated 5 million.”
Truth Social Will Not Hit “Projected” Users “Until 2086.”
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“Truth Social is adding an estimated 100,000 users per month. If people continue to join at the current pace—and assuming that no one quits or dies—Truth Social will not hit its projected 81 million users until 2086,” Alexander wrote.
Will Truth Social Be Buried in “The Graveyard of Failed Trump Ventures?”
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“By that point, Trump would be 140 years old. A more likely outcome: Truth Social will join Trump Steaks, Trump University and GoTrump.com in the graveyard of failed Trump ventures,” he concluded.
Trump’s Losses When President: “All of It Fictional”
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A user reacted to Trump attributing his financial losses to his former Presidency, stating the $2 billion to $5 billion losses were “All of it fictional.” It seems they were.
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