Following the FBI’s August 8 execution of a Justice Department-issued search warrant at Donald Trump’s Mar-a-Lago, Florida residence, Trump might be stepping up his 2024 presidential campaign. To recover allegedly mishandled White House documents, a search was conducted. According to the New York Post, the former president released a video that appeared to be part of a campaign while his daughter, Lara, said he would soon make an official announcement.
Donald Trump Net Worth
As a result of businesses ceasing to work with Trump or any of his properties, Trump lost about half of his net worth while serving as president. His net worth was listed by Forbes as $2.1 billion in 2020 and $4.5 billion in 2016. As of June 2022, Forbes reported that Trump’s net worth had increased to $3 billion, with about $430 million of those assets coming from investments in the Trump Media and Technology Group, the parent company of his newest endeavour, Truth Social. In October 2021, Trump announced the formation of the platform, and in February 2022, he officially launched it. According to Variety, Trump had 3.2 million followers on Truth Social as of June 10. Trump moved up a few spots on Forbes’ billionaire’s list by the end of June, moving up from 1,299 to 1,012 in the world.
Donald Trump’s Business Career
Donald Trump was the oldest person to take the oath of office as president of the United States at the time of his inauguration. He was 70 years, 220 days old on Jan. 20, 2017. (President Joe Biden, who was 78 at the time of his inauguration, now holds that title.) Trump prevailed over a number of rivals to secure the Republican Party’s nomination for president in 2016. Later, he defeated Hillary Clinton, the Democratic nominee. On January 20, when Biden took office as the 46th president, his term came to an end.
Trump inherited about $40 million from his late father, real estate developer Fred Trump, who came from a wealthy family. Donald Trump assumed leadership of the company that would later be known as The Trump Organization in 1971. Trump was able to grow more than 500 businesses thanks to his earnings and inheritance. The business tycoon has investments in skyscrapers, books, merchandise, television shows, casinos, and now social media. Thanks to these endeavours, he was able to earn the estimated $3 billion that put him on the Forbes Billionaires List for 2022.
Successes of Donald Trump’s Businesses
Trump successfully negotiated a deal with Hyatt, the city of New York, and the unprofitable Commodore Hotel next to Grand Central Station in 1980. As a result, Trump was granted the right to renovate and rename the failing hotel as the Grand Hyatt. Trump became one of the region’s most well-known real estate developers as a result of the property’s immediate success.
The 68-story Trump Tower, which was built by Trump and serves as the current headquarters for The Trump Organization, was finished in 1984. The structure has a 60-foot waterfall and five levels of restaurants and retail establishments on its opening day.
Trump has owned numerous lucrative companies and properties, including Trump Place, a 92-acre gated community for affluent residents. There is a hotel, condos, as well as lots of eateries and shops, at the Trump International Hotel & Tower in Chicago. One could argue that Trump is responsible for Wollman Rink’s popularity, a fixture of Central Park.
However, New York City declared that it was cutting its commercial ties with Trump after the U.S. Capitol was stormed. Mayor Bill de Blasio announced on January 13, 2021, that the city would be terminating three contracts with The Trump Organization, which would result in the closure of a carousel in Central Park in Manhattan, two ice rinks, and a golf course in the Bronx.
Additionally, in January 2021, the PGA of America revoked Trump’s right to host the 2022 PGA Championship at his Bedminister, New Jersey, golf course. Trump’s club in Turnberry, Scotland, has been removed from consideration to host The Open Championship, according to golf organizers in Europe.
Donald Trump’s Failed Businesses
While Donald Trump has achieved significant business successes, he has also suffered significant setbacks. The Boeing 727 fleet and landing pads in Boston, New York City, and Washington, D.C. cost Trump $365 million in 1988. He also paid for the right to have his name painted on an aircraft. However, his attempt to develop a deluxe flying experience under the Trump Shuttle name was unsuccessful, and the business was shut down. The banks that supported Trump’s investments gave him a $65 million bailout in the form of new loans and credit in 1990. Both Trump Hotels & Casino Resorts and the renowned Taj Mahal casino in Atlantic City, New Jersey, declared bankruptcy in 1991. The same business, now known as Trump Entertainment Resorts, re-filed for bankruptcy in 2009.
The failure of Trump University is one of his most notable business ventures. The unaccredited online university started operations in 2005 and shut down in 2010. Three lawsuits against Trump University, alleging that it was a scam that cost students tens of thousands of dollars, plagued his 2016 presidential campaign. Trump paid $25 million to resolve the lawsuits, but he made no admission of guilt.
Donald Trump’s Wife and Family
Three marriages have taken place for Donald Trump. From 1977 to 1992, he was married to Ivana, his first wife. Donald Jr., Ivanka, and Eric were the couple’s three children. Along with Ivanka’s husband, real estate developer and investor Jared Kushner, the three eldest Trump children played a significant role in their father’s presidency. In December 1993, two months after Maples gave birth to their daughter Tiffany, Trump wed Marla Maples. The couple divorced in 1999. Since 2005, Trump has been married to Melania Trump, a former first lady who is currently worth an estimated $50 million. Trump’s youngest son, Barron, was born in March 2006, and Melania is his mother.
Donald Trump’s Lifestyle
According to a Business Insider report, Donald, Melania, and Barron Trump lived in a three-floor penthouse in the Trump Tower in Manhattan before moving to the White House. There, they had access to an indoor fountain and a door covered in diamond and gold.
He officially moved his permanent residence to Florida in October 2019, and Forbes theorized that this may have been due to Florida’s more benevolent tax and financial laws. One of the homes Trump owns is Mar-a-Lago in Palm Beach, where he currently resides with Melania and Barron after spending 25 of his first 100 days in office there. According to Forbes, the opulent club is worth $300 million and is situated on 17 acres of priceless South Florida real estate. Trump paid a pittance of $10 million in 1985 to acquire the estate, which features 58 bedrooms, 33 bathrooms, 12 fireplaces, and three bomb shelters.
Prior to having access to Air Force One, Trump flew his $100 million Boeing 757 with gold seatbelts between campaign stops. A Rolls Royce, an electric blue 1997 Lamborghini Diablo, and a Mercedes-Benz SLR McLaren were among the opulent vehicles that Trump once owned.
Trump doesn’t require much more than a golf cart to get around the estate; however, it is unclear what is currently in the garage at Mar-a-Lago. Former presidents are only permitted to drive on private property; they are not permitted to use public roads, claims Reader’s Digest. According to the report, they are instead being driven by Secret Service agents who have received “training in evasive driving manoeuvres.”
