Trump's assets dropped to 2.9 billion USD?

Bloomberg News data shows that President Donald Trump's assets are decreasing, mainly due to inefficient high-rise buildings.

Trump Tower in New York City - Photo: Reuters

Bloomberg's calculation, via the Billionaires Index, is based on data from lenders, mortgage documents, annual reports, market data and a financial disclosure released on June 16.

The results show that President Donald Trump's net worth is now at $2.9 billion, down slightly from $3 billion a year earlier. This situation is mainly due to the decline in the value of three buildings in Manhattan (New York) including 40 Wall Street, Trump Tower and 1290 Avenue of the Americas, according to financial data from lenders.

Unlike previous estimates and assessments by banks, Bloomberg relied on the very sources of funding for Mr. Trump to assess the financial situation. The three buildings in New York mentioned above are operating inefficiently because the demand for office space is decreasing.

However, Mr. Trump did better in the category of liquid assets, which includes cash. His cash balance increased to $230 million from $170 million, thanks to the sale of his condo and other payments at the Trump International Hotel Las Vegas, as well as the sale of a Manhattan penthouse.

In addition, similar to the financial statement that Mr. Trump released in the middle of the month, the operating situation of the golf courses that he owns or holds shares in also shows many positive signs. For example, the golf course at the Mar-a-Lago resort increased 25% in sales, while the total revenue of 16 golf courses and resorts increased 3%.

Since entering the White House, Mr. Trump has sold most of his stocks - a decision aimed at avoiding conflicts between personal and national interests. However, the US President still retains ownership in the companies, transferring assets to a trust managed by his two sons, Donald Jr. Trump and Eric Trump.

Similar to other reports, Bloomberg's figures this time will likely be refuted by Mr. Trump's side.

Mr. Trump has long claimed that he is much richer than independent statistics from financial magazines. For example, in 2015, Mr. Trump's campaign released figures saying the New York billionaire's assets were about $8.7 billion.

When Bloomberg confirmed that his assets were only 3 billion USD, Mr. Trump commented that this was a "silly report", and continuously said that he had 10 billion USD in hand.

According to Tuoi Tre