Former President Donald Trump’s net worth decreased by $700 million during his years in the White House, Bloomberg News reported.
According to Bloomberg, Trump’s net worth is down to $2.3 billion from $3 billion when he became president. The news outlet blamed much of the loss on the pandemic, and the Jan. 6 violent protests at the Capitol.
It noted the worldwide outbreak of COVID-19 has been hard on hotels and resorts that bear his name, and on office buildings key to his wealth. And it said the Jan. 6 protests damaged his relationships with lenders and brokers.
Bloomberg estimated the value of the former president’s commercial real estate properties fell by 26% between 2016 and 2021. And it noted no segment in his business world is as important as commercial real estate.
It said commercial real estate makes up about three-quarters of his net worth, Ruth Colp-Haber, who runs office consultant Wharton property Advisors, said. COVID-19, the riot, and an aging portfolio of properties, is forcing Trump to face a “triple whammy.”
“These are the businesses you don’t want to be in right now,” she said.