Mon. Jul 15th, 2024

Wealth mystery of Donald Trump

By b0oua Apr 2, 2024

The fact that the businessman is required to pay a fraud fine of half a billion dollars by Monday, March 25th, throws light on the mystery that surrounds his financial situation.

Despite the fact that he is known for his trademark modesty, Donald Trump frequently asserts that he is “very rich,” that he has “a lot of cash,” and that he “doesn’t need anyone’s money.” This speech, however, has been hampered ever since his attorneys stated in a court document that their client would not be able to pay the fine of 454 million dollars that he owes to the State of New York as a result of his conviction for fraud by Monday, March 25. This statement was made on Monday, March 18. This circumstance has the potential to make it possible for the state to seize a number of its assets, both those that are mobile and those that are immovable.

After having his fortune called into question, the individual in question was unable to contain himself. In a statement that he made on Friday, he surprised his legal team by claiming that he genuinely had “nearly $500 million in cash,” but that he was keeping it for his presidential campaign. What is the truth, exactly? Since the former president’s financial situation is both opaque and complicated, it is difficult to say. Due to the fact that this businessman has established his reputation on his achievements in the commercial world, in real estate (hotels, golf courses, apartments, offices, and so on), or in the entertainment industry, the subject is extremely delicate for him.

His performance has been suspected of being exaggerated for a long time, much like many other areas of his curriculum vitae. During the beginning of his campaign in 2015, he asserted that his assets amounted to $8.7 billion, which he said was obtained from the money he made from real estate and the licensing of his brand image. Forbes magazine, which is revered for its authoritative ranking of the world’s wealthiest individuals, reported a value of 4.1 billion, but this amount was twice as high.

It is off of its hinges since the journal withdrew him from its list of the 400 richest people in the United States in October of last year, lowering his estimated fortune to $2.6 billion as a result of the bad results of his social network Truth Social and the drop in value of its real estate assets. Additionally, he claimed that the publication was “owned by China” and that it was “participating in the electoral interference scam.” He was the one who had previously advocated for the publication to be included in this ranking.

Gregory Germain, a professor and bankruptcy expert at Syracuse University in New York State, argues that many of the company’s companies are not listed on the financial markets, which means that they are not subject to disclosure obligations. Furthermore, determining the value of certain properties may be a very challenging endeavor, and the conclusions that are reached by different appraisers might be quite different from one another. However, prior to the sale of the property in question, we do not have enough information to determine the precise price.

When viewed from this perspective, the situation of Mar-a-Lago, which is both a club and a private property for Republicans, is instructive. Although Palm Beach County, Florida, where the “Winter White House” is situated, placed a value of $18 million on the property, real estate agents in the region stated that it was worth significantly more than that. There was a mention of 1.5 billion dollars by Donald Trump.

The passage of time and the disclosures made by the press have made it possible to gain a deeper comprehension of his financial situation. In 2020, a bombshell investigation conducted by the New York Times revealed that he paid a total of only $750 in federal income tax in 2016. This was due to the fact that his company, the Trump Organization, had incurred severe losses in 2016.

In addition to this, it demonstrated that he personally owed a total of $421 million in loans. Some critics argue that the United States is at the mercy of creditors from nations that are unfriendly to the United States, such as Russia or China, because of its debt and the fragility of some of its assets, such as office buildings that were impacted by the epidemic and golf clubs that were losing money from their operations. Worry amplified by the fact that he was obligated to locate half a billion dollars as rapidly as possible.

Despite the fact that Joe Biden’s staff refers to him as “Broke Don,” Donald Trump continues to possess resources that are beyond the reach of the average citizen. It was approved last Friday that his social network, Truth Social, would be merged with an acquisition firm that was formed by family of the former occupant of the White House. This combination has the potential to earn him three billion dollars in shares. This unexpected cash windfall arrives at the perfect time, despite the fact that there are potential impediments that could prohibit the speedy selling of its securities.

By b0oua

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