Forbes Report Trump Lost $400 Million To Amazon Onslaught
It was mixed blessings for President Trump. Winning the presidential election in 2016 means declining fortunes. Forbes relates this loss to Amazon and declining value of his New York City estates. Property value in New York city had responded southwards to Amazon’s ecommerce onslaught on retail economy.
In a CNN interview Kerry Dolan, Forbes assistant managing editor blames Amazon squarely for the loss in value of Manhattan properties. Dolan said that Amazon leasing the Niketown store and and the Trump property contributed immensely to Trumps estates decline in value. She said "the values of several Manhattan properties, particularly those on or near Fifth Avenue, have dropped, shaving nearly $400 million off his fortune."
Yet another contributing factor according to her was the construction of Trump Tower Hotel. She said Trump took out a loan of $170 million to complete the property. Irrespective that the Hotel is doing well the property’s worth has significantly declined.
An equally expensive presidential election set Trump back too. He also settled out of court claims as much as $25 million in law suites related to his Trump University.
“We talked to tons and tons of real estate brokers who are super familiar with the properties, particularly in Manhattan,” Forbes reported. The magazine also confirmed that his hotel-condo tower in Las Vegas and his stake in a downtown San Francisco office building are doing fairly well.
President Trump claims he is worth $10 billion. It is not quite straight forward to estimate his worth since he declined to declare his income tax returns, like all the other American presidents before him from Richard Nixon.
The Magazine’s current listing of Forbes 400 | a list of 400 richest Americans, listed Trump as number 258, 92 places down from 158th position he was last year. Forbes estimates Mr. President's net worth to be $3.1 billion. He was worth $3.7 billion last year, thereby lost $600 million for the period covered by the analysis.
 |
| Bill Gates |
 |
| Jeff Bezos |
 |
| Mark Zuckerberg |
 |
| Warren Buffet |
Our Tags: Trump
Post a Comment