Trump’s net worth is over $5 billion but his businesses have been plagued by lawsuits and bankruptcies.
Donald Trump got his start in business by working for his father, Fred, who developed low-cost housing in Brooklyn and Queens.
During his first debate against Hillary Clinton in September 2016, then-presidential candidate Donald Trump repeated a claim he had often made before in defense of his image as a self-made billionaire, “My father gave me a very small loan in 1975, and I built it into a company that’s worth many, many billions of dollars,” Trump claimed.
However, an investigation by the New York Times in 2018 reported that Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire.
Donald Trump’s net worth is $5.8 billion, as of July 22, 2024.
In his own words, “I took a lot of finance courses at Wharton. First they taught you all the rules and regulations. Then they taught you that those rules and regulations are really meant to be broken.”
$355 Million Civil Fraud Verdict, February 2024
A New York judge ordered former president Donald Trump to pay over $355 million, plus interest, finding he lied for years about his wealth on the financial statements that he used to secure loans and make deals while building his real estate empire.
Judge Engoron ruled that Trump engaged in a yearslong conspiracy with top executives at his company, the Trump Organization, to deceive banks and insurers about the size of his wealth and the true value of such properties as Trump Tower in Manhattan and his Mar-a-Lago club in Florida.
Engoron found Trump liable for falsifying business records, issuing false financial statements, conspiracy to commit insurance fraud and conspiracy to falsify business records.
Business Failings and Bankruptcies
Trump’s fortune has experienced significant ups and downs, with numerous bankruptcies and business failings which are listed in the S-4 registration document that was filed with the Securities and Exchange Commission (SEC) in May 2022, prior to Trump’s “Truth Social” media platform going public.
Bankruptcies:
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The Trump Taj Mahal, which was built and owned by President Trump, filed for Chapter 11 bankruptcy in 1991.
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The Trump Plaza, the Trump Castle, and the Plaza Hotel, all owned by President Trump at the time, filed for Chapter 11 bankruptcy in 1992.
- THCR, which was founded by President Trump in 1995, filed for Chapter 11 bankruptcy in 2004.
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Trump Entertainment Resorts Inc., the new name given to Trump Hotels & Casino Resorts after its 2004 bankruptcy, declared bankruptcy in 2009.
Business Failings:
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Trump Shuttle Inc., launched by President Trump in 1989, defaulted on its loans in 1990 and ceased to exist by 1992.
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Trump University, founded by President Trump in 2005, ceased operations in 2011 amid lawsuits and investigations regarding the company’s business practices.
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Trump Vodka, a brand of vodka produced by Drinks Americas under license from the Trump Organization, was introduced in 2005 and discontinued in 2011.
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Trump Mortgage, LLC, a financial services company founded by President Trump in 2006, ceased operations in 2007.
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GoTrump.com, a travel site founded by President Trump in 2006, ceased operations in 2007.
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Trump Steaks, a brand of steak and other meats founded by President Trump in 2007, discontinued sales two months after its launch.