Archive for the ‘Donald Trump’ Category
Donald Trump could face prison time if he is convicted in upcoming NY hush money trial – USA TODAY
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Donald Trump could face prison time if he is convicted in upcoming NY hush money trial - USA TODAY
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Donald Trump booted from prestigious list of billionaires after Truth Social parent’s swan dive – Fortune
When Donald Trump first ran for the Presidency in 2016, he famously staked his reputation on his wealthnot only had the real estate magnate mastered the art of the deal, but his vast riches meant special interests couldnt buy him.
Nearly a decade later, his finances are in tatters: legal bills are piling up with interest accruing; the state of New York is threatening to seize some of his prime properties; and the stock of his Truth Social parent company is now in free fall.
Now, media group Bloomberg has stripped Trump of his prestigious membership in its virtual country club of billionaires.
This week he wasbootedfrom its index of the500 wealthiest people in the worldafter shares in Trump Media and Technology Group tumbled.
Trump Medias crown jewel is Truth Social, the Twitter-like social network Trump launched after being banned from that service following the events of Jan. 6. The stock is still phenomenally high for a company that lost more than $58 million last year on revenues of just $4 million. Trump supporters have also bought into the company as a show of support, driving the price up.
The more Wall Street saw just the business substanceor lack thereofthere was to TMTG, a loss-making Twitter clone whose main draw is its most famous user, the more the stock dived.Trump Media shares have been in a steady, uninterrupted fall since April 2and have only risen one day since March 27. They lost another 9% on Wednesday to close at $34.26 each, bringing total declines to 57% since its peak on March 26.
Trump owns roughly 60% of Trump Media with 78.75 million shares. That puts the value of the stock at a little under $2.7 billion, compared to the $5.2 billion it was worth a few weeks ago. All of that is paper billions, though. Trump cannot sell any shares until September, unless given permission from the companys board of directors.
In truth, the formerApprenticehosts empire has already fallen into a less-than-pristine state.
At least four of Trumps businesses have declared bankruptcy and no major lender save for risk-friendly Deutsche Bank isstill willingto do business with him.
In February, the Trump Organization was foundliableto the tune of $464 million for borrowing against fraudulently inflated real estate values, and the $175 million bond Trump secured fromKnight Specialty Insuranceto postpone asset seizures until his appeal is heard looks dicey.
New York prosecutors are currentlyquestioningwhether the companywhich is not licensed in the stateis even good for the money.
If not, the authorities could start collecting, and New York attorney general Letitia James haswarnedhis building on40 Wall Streetcould be a prime candidate.
Trump also will have to roll over$780 million in mortgage debtover the next five years, according to an estimate byForbes, right when interest rates have hit punishing levels and vacancies in prime real estate markets soar as more people work from home.
The March 26 listing of Truth Social parent company Trump Media and Technology Group seemed to come just in the nick of time.
Beyond the $300 million in cash raised from investors to help ensure its immediate survival, the initial surge in its stock price added more than $3 billion to Trumps wealthovernight. However, the nosedive in the price of Trump Media shares since has reduced the former presidents estimated net worth to below $5.76 billion, which puts him below the current threshold to rank among the 500 richest people in the world. At his peak, Trump was valued at $6.5 billion.
Forbes no longer ranks Trump among its 500 richest, either, estimating his worth at $4.6 billion, which makes him the 696th richest person by that publications rankings.
And dont forget, Trump is nothing if not a survivor.
The clout hed gain in the business community from a victory in Novembers U.S. presidential election could soon see his coffers replenished.
Who knowshe might even get his Bloomberg billionaire membership card back.
[This report has been updated with additional context.]
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Donald Trump’s Stock Has Lost More Than Half Its Value Since Going Public – Newsweek
Donald Trump's Stock Has Lost More Than Half Its Value Since Going Public Newsweek
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Donald Trump's Stock Has Lost More Than Half Its Value Since Going Public - Newsweek
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Donald Trump Movie The Apprentice to Premiere at Cannes: First Look and What We Know – Hollywood Reporter
Donald Trump Movie The Apprentice to Premiere at Cannes: First Look and What We Know Hollywood Reporter
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Donald Trump Movie The Apprentice to Premiere at Cannes: First Look and What We Know - Hollywood Reporter
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