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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAmazon Caused Donald Trump to Lose $400 Million in Net Worth, Says Forbes
President Donald Trumps net worth declined by more than $600 million in the past year, according to the Forbes 400 List of the richest people in America. However surprising Trumps loss may be, the reason for it is even more unexpected. Trumps real estate holdings, specifically those in New York City, have taken a big hit in the past year, as retail values are struggling in response to Amazons e-commerce gains.
According to Forbes research, the president is worth $3.1 billion, down from $3.7 billion a year ago. The loss has him moving from 156th on the list down to 248th. In accounting for the presidents $600 million write-down, the magazine cited the presidential campaign, which eroded his personal wealth, an expensive lawsuit, a dip in New York Citys real estate market that has hit retail particularly hard. Values of several Manhattan properties, particularly those on or near Fifth Avenue, have dropped, shaving nearly $400 million off his fortune, the magazine says.
Appearing on CNN Tuesday, Forbes assistant managing editor Kerry Dolan leveled blame for Trumps real estate losses on e-commerces domination over retail, mentioning Amazon. Specifically citing the lease of the Niketown store and the Trump Tower property, Dolan said that retailers are sufferingeven on the high end. It would appear that Amazons strategy of e-commerce over brick and mortar retail is winning, and that is having an effect on real estate values, she added.
Without Trumps taxes and full financial releases, its difficult to get a full picture of the presidents net worth. But as it applies to his real estate losses, Dolan is confident in Forbes analysis. We talked to tons and tons of real estate brokers who are super familiar with the properties, particularly in Manhattan, she told CNN.
Outside of retail and New York, another hole in Trumps wallet is the Trump International Hotel, said Dolan. The magazine had been in touch with Trumps finance people, who said that in the past year, Trump had taken on a $170 million construction loan to complete the propertys construction. So, even though the hotel may be doing well, said Dolan, the propertys net worth is still down.
http://fortune.com/2017/10/17/amazon-donald-trump-net-worth-forbes/
Jim__
(14,083 posts)Trump voters must be so proud.
RKP5637
(67,112 posts)to even remotely comprehend WTF is going on. I also think a lot are on the low side of the IQ curve!
politicaljunkie41910
(3,335 posts)stupid shit he has said of done. I couldn't give a rat's ass how much fake "net worth" he has lost. All he has to do is make up more fake net worth to replace the fake net worth he lost. But people like myself and others who are close to retirement and are watching his ego reek havoc with our nest egg, are sick of his shit and could care less.
Eliot Rosewater
(31,113 posts)Rump is the least knowledgeable person alive about business
Wwcd
(6,288 posts)to poke sticks at Amazon.
Yup. Trump works for Putin
Can't believe bernie stuck his nose in the middle of this battle between Putin & Amazon.
And then sided with TRUMP!!
GAAAAAH !
Me.
(35,454 posts)But he could always get Jerome Corsi to write about it...wait...what..Corsi is also being investigated by Mueller.
Wwcd
(6,288 posts)There's no other way to peel that rotten onion.
Either you're with Putin or you're against Putin.
Me.
(35,454 posts)Wwcd
(6,288 posts)Eliot Rosewater
(31,113 posts)America is no longer what it was
Filth is in control
Not enough people are angry so why should I bother anymore
Hell, some are even arguing about the need for PERFECT CANDIDATES
Wwcd
(6,288 posts)chasing after the shiny thing dangled in their faces.
Oldest trick in the book, and they fell for it.
Ya want a free cookie? Ooooh, look this way, its a free puppy!! Free free free! Yippee its all gonna be free.