Just 24 hours after Donald Trump formally left the White House, and the presidency, it is increasingly clear that his money problems are getting worse, not better.
According to financial disclosure documents released hours after Trump left the White House to fly to his new home in Florida, the former president’s eponymous company suffered a major revenue hit over the past year.
Overall, Trump’s businesses produced nearly a 40% less revenue in 2020 compared to 2019. He made $ 30 million less on his Doral property in Miami than in 2019. Revenues at the Trump International Hotel in Washington and the former president’s Turnberry property in Scotland are down more than 60% year-over-year .
And, as Citizen Free Press’s Charles Riley points out, those recessions came even before a number of companies cut ties following Trump’s role in inciting the rioters who stormed the U.S. Capitol on January 6.
While some – maybe a lot? – of the downturn in Trump’s financial fortunes can be attributed to the ongoing coronavirus pandemic and the societal restrictions it has imposed on the entire travel and hospitality industry, the ‘why’ of the fall of Trump’s fortune matters far less than the “now that.”
You will remember, and if not, I am here to remind you that Trump faces a number of financial challenges in the coming months and years, primarily related to his personal guarantees on a series of multi-million dollar loans.
As David Leonhardt wrote of The New York Times on Trump’s tax returns in late 2020:
“It appears to be responsible for loans totaling $ 421 million, most of which are due within four years.”
“If you win reelection, your lenders could put themselves in the unprecedented position of weighing the foreclosure of a sitting president. Whether you win or lose, you will probably have to find new ways to use your brand and its popularity with tens of millions of Americans… to make money.
But, Trump did not win reelection.
And not only that, but, walking out the door, he sold a series of lies about the 2020 election that played a not insignificant role in a riot on January 6 that led to the violent assault on the United States Capitol and unleashed his second accusation by the Chamber.
All of which will likely further complicate Trump’s ability to a) make money and b) pay off impending debts.
Point: Despite all the talk about Trump’s upcoming political moves, it is his uncertain financial future that is likely to be his focus now that he is out of the White House.
News that matters for Citizens.