The cost of his presidency – Donald Trump has stumbled by 300 points in the Forbes billionaire rankings. He has lost $1 billion since he took office.

Donald Trump, the man has become almost synonymous with downfalls this year. Unlike other presidents who made money, Trump’s presidency cost him a fortune and his wealth dropped by more than $1 billion from the time he took office. If he had sold everything and put it all into index funds, he would be worth an additional $1.6 billion. Instead, Trump kept the business, placing it in the hands of Don Jr., Eric Trump, and an executive at the Trump Organization. Today, he is worth an estimated $2.4 billion, enough to qualify for No. 1,299 on the Forbes billionaires list, down from No. 1,001 last year. Dan Alexander, a senior editor at Forbes who has tracked Trump’s business career, wrote that the ex-president “bogged down his presidency with ethics issues for years, while also missing a chance to cash in on a market boom he helped propel.”

“If he had sold everything on Day 1, paid the maximum capital-gains taxes on the sales, then put the proceeds into a conflict-free fund tracking the S&P 500,” Alexander wrote, “Trump would have ended his presidency an estimated $1.6 billion richer than he is today”. Having said that, it is also firmly believed that the coronavirus pandemic and fallout from the deadly Jan. 6 Capitol attack heavily impacted his business empire.

Also read -  Facing losses of millions and a revenue slump of 60% - Donald Trump is in advanced talks to sell a crown jewel of his empire - The Trump International Hotel Washington D.C.

[Via: Forbes]

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With over 15 years of experience in luxury journalism, Neha Tandon Sharma is a notable senior writer at Luxurylaunches. Her expertise spans luxury yachts, high-end fashion, and celebrity culture. Beyond writing, her passion for fantasy series is evident. Beginning with articles on women-centric gadgets, she's now a leading voice in luxury, with a fondness for opulent superyachts. To date, her portfolio boasts more than 2 million words, often penned alongside a cappuccino.