Donald Trump fraudulently inflated his net worth by as much as $2.2 billion per year, New York officials said in court filings unsealed Wednesday ahead of his upcoming civil fraud trial.
The new estimates came in filings from the New York state attorney general’s office, which is suing Trump, some of his adult children and his business empire for falsifying his net worth in an effort to obtain favorable terms from banks and insurance companies. The trial is set to begin Oct. 2.
Forbes counts 550m for truth.social, which is a ridiculously high valuation. The rest is mainly ties up in NY real estate, which is struggling. He’s not poor by any means, but 2.5B is still a massive overvaluation most likely. Count his liabilities (1B in debts as of 2020) and I doubt he breaks a billion.
He’s so leveraged and indebted to his Russian and Saudi overlords it’s quite possible he’s underwater
Thusly his motivation to peddle secret docs
I feel like having someone indebted to foreign countries handling top secret documents is a national security issue, but what do I know I just make drawings.
Sorry, what did I miss? Isn’t NY real estate the place where a 200sqft apartment costs millions of dollars?
Ok, so a couple of things make his portfolio worth less than you would think. To start, he doesn’t own all of it outright, most of it is financed with debt and a large part of his portfolio is in commercial real estate, which is struggling to get back to pre-covid occupancy. Last but not least, he slaps his name on everything and many people do not want to be associated with him in any way, shape or form, so his luxury condos are also struggling with occupancy.
Ok, thanks. I totally get the massive debts and his name being a liability (at least to the people who have enough money to buy what he’s selling).