President Trump’s Net Worth Slips Due to Underperformance of NYC Buildings
Bloomberg reports slippage to $2.9 billion over drop in value of three New York towers.
While Jeff Bezos‘ stock keeps rising on Bloomberg‘s Billionaires Index, the same can’t be said for another famous figure—the President of the United States.
President Trump’s net worth has slipped to $2.9 billion, down from $3 billion, per Bloomberg, as three office buildings he owns in New York City have dropped in value. As Bloomberg notes, the buildings are “underperforming appraisals conducted when Trump was issued loans.”
The trio of buildings—40 Wall Street, Trump Tower, and 1290 Avenue of the Americas (in which he owns a partial stake)—have been adversely affected by the office market in the city, which is tending more towards newer buildings. Also, the price of legacy buildings has dipped.
However, portions of Trump’s fortune are actually on the rise, too. Per Bloomberg, revenue at the president’s 16 golf and resort properties has risen by three percent.
This article was featured in the InsideHook newsletter. Sign up now.
Suggested for you