Trump loses more than $1 billion due to shutdown - his family business is laying off thousands of workers
President Donald Trump's personal fortune is reportedly taking a massive $1 billion hit due to the coronavirus shutdown.
Forbes magazine updated their list of the richest of the rich, and knocked the 45th president down from 715th richest last year to 1001 richest in 2020. The fact that Trump is now no longer one of the richest 1000 people in the world (by just a hair) is probably stinging him inside somewhere. He used to obsess over this list every year when rankings were released.
Further proof that the president's business isn't doing so well include the recent announcements that the Trump Organization will be laying off 1,500 employees. To date, his family business has laid off or furloughed employees at hotels in New York, the District of Columbia, Miami, Chicago, Las Vegas, Vancouver and Honolulu due to the closing of around seventeen clubs and hotels. That's a major percentage of their overall holdings.
It was reported by the New York Times last Thursday that Trump's family was trying to delay payments of loans and other obligations because of the financial stress.
All of this is going on in the background as Trump has gone head to head with some of his top doctors, suggesting that the harm done to the economy no longer justifies the medical recommendations of social distancing. He's undoubtedly referring to his own pocketbooks and not just the economy as a whole. He even said so himself in March:
“I wouldn’t say you’re thriving when you decide to close down your hotels and your businesses,” Trump told reporters. “But is it hurting me? Yeah, it’s hurting me, and it’s hurting Hilton, and it’s hurting all of the great hotel chains all over the world.”
To weather the tide, his properties in some locations just aren't paying rent when they're normally supposed to. They credit extensions given to them by local government. In Palm Beach, for example, the Trump Organization has not paid rent of $54,534.25 that was due on April 1st for land it leased from the county government.
“Because payment has not become due, and in light of Governor’s DeSantis’ executive order shutting down businesses throughout the State of Florida as a result of the COVID 19 pandemic, the County advised us to refrain from making payment until they have finalized their policy for the handling of their numerous leases,” Alan Garten, a Trump Organization executive, said in a statement. “As soon as the County finalizes its guidance, we will, of course, fully and timely comply with its directives as well as continue to comply with the requirements of the lease.”