Donald Trump’s huge business empire and controversial assets
Long before he ran for President three times in a row, Donald Trump was known as the most flashy billionaire in the United States.
Donald John Trump was born on June 14, 1946, the fourth of five children of New York real estate tycoon Frederick Christ Trump. Despite coming from a wealthy family, Trump still had to start from the lowest jobs in his father’s company.
Donald Trump is the fourth of five children of the New York real estate mogul.
After graduating from the Wharton School of the University of Pennsylvania, he was chosen to succeed his father after his older brother, Fred, decided to become a pilot. Trump entered the real estate industry with a $1 million loan from his father and joined the family business. He managed his father’s residential portfolio in New York and by 1971, he had taken control of the company, renaming it the “Trump Organization”.
Trump’s early career was marked by controversy, most notably a 1973 housing discrimination lawsuit.
Under Trump’s leadership, his family company expanded from modest apartments in Brooklyn and Queens to luxury projects in Manhattan. He restored the rundown Commodore Hotel to become the Grand Hyatt. In 1976, he developed the Grand Hyatt with tax breaks from the city, paving the way for later mega-projects like Trump Tower and Trump Plaza. Fifth Avenue became home to Trump Tower, one of his most famous properties.
In the 1980s, Trump ventured into casinos in Atlantic City but encountered financial difficulties, leading to the company going bankrupt several times in 1991, 1992, 2004, 2009 and 2014. However, he protected his brand and used the bankruptcy to reduce debt, switching to licensing for other fields such as golf courses, hotels, etc. Trump-branded properties such as casinos, condominiums, golf courses and hotels sprung up in Atlantic City, Chicago, Las Vegas, and many other places in the world such as India, Türkiye and the Philippines.
Controversial Assets
As one of the richest presidents to ever occupy the White House, Donald Trump has been the subject of much debate about his true net worth. In 2015, Trump claimed his net worth exceeded $10 billion. As of June 2024, the Bloomberg Billionaires Index estimated his net worth at $7.7 billion, up $4.6 billion from the previous year, putting him among the world’s 500 richest people. Forbes magazine put the figure lower, at $6.7 billion.
The bulk of Trump’s wealth now comes from his stake in Trump Media and Technology Group, the company that owns the social network Truth Social. According to an April 2024 filing with the US Securities and Exchange Commission (SEC), he owns more than 114 million shares and 36 million bonus shares, which adds $1.2 billion to his fortune, according to Bloomberg. Forbes values his stake in Trump Media at $5.6 billion.
