President Donald Trump’s personal net worth has dropped $300 million in one year as the coronavirus pandemic hurts his businesses, according to Bloomberg’s Billionaires Index. This means the president has lost roughly 10 percent of his wealth since his inauguration. His net worth now stands at $2.7 billion, according to the Billionaires Index.
“The drop marked the sharpest decline since Bloomberg began tracking his fortune in 2015. It started with a decrease in income across the Trump Organization’s portfolio of office buildings and was compounded by the coronavirus pandemic’s impact on property markets,” Bloomberg News reports.
“Declines in the value of the president’s office building at 40 Wall Street, his iconic Trump Tower on Fifth Avenue and properties owned jointly with Vornado Realty Trust accounted for some of the biggest hits to his net worth. His golf courses also lost value amid a broader slide in prices, as fewer young people take up the sport,” the outlet continues.
The news comes even as the president continues to mislead voters on the state of the American economy.
“We’ve taken in tens of billions of dollars from China,” he said during Monday’s press briefing. “And $28 billion we gave to our farmers because they were targeted by China.” (The president conveniently overlooks that American companies are harmed by tariffs and the money to bail out farmers came from American taxpayers.)
The president also continues to tout the stock market as a worthwhile indicator of the health of the American economy. On Saturday, he said, “401(k)s are doing fantastically. I hope you kept your stocks. I hope you didn’t sell. I hope you had confidence in your president and confidence that the president was going to be reelected.”
At the end of last month, the Commerce Department reported that the United States experienced the worst economic contraction in modern American history as a result of the coronavirus pandemic.
Gross domestic product shrank at an annual rate of 32.9% in the second quarter of 2020. The president has continued to push for a full reopening of state economies as well as the reopening of schools nationwide despite warnings of further economic upheaval from health and policy experts. Nearly 170,000 Americans have died from the coronavirus, according to the most up-to-date statistics.