Trump's Washington hotel lost millions of dollars

Trump’s Washington hotel lost millions of dollars

Trump's Washington hotel lost millions of dollars Trump’s Washington hotel lost millions of dollars

Trump’s Washington hotel, according to an investigation by the House of Representatives, lost millions of dollars during his presidency, despite the fact that Trump refused to report payments received from foreign governments during his campaign for president.

Located in a historic structure that the Trump administration rents from the federal government, the Washington hotel was a popular meeting venue for Trump supporters and foreign diplomats alike during the 2016 presidential election campaign.

Several recently obtained government documents, according to the House Oversight and Reform Committee, raise “worrying” questions about the Trump International Hotel, which is located in a historic building in downtown Washington and which the Trump Organization has rented from the federal government.

According to the Democratic-controlled committee, Trump claimed that the hotel brought him more than $ 150 million during his time in the White House, but in reality, the hotel suffered a loss of more than $ 70 million.

After investigating, the committee discovered that the hotel had received more than $ 3.7 million from foreign governments, which is the equivalent of more than 7,400 nights of stay, indicating a potential conflict of interest.
The hotel paid a portion of the money to the United States government, but did not provide the General Services Administration (GSA) with all of the payment information, according to the committee.

The probe by the committee is based on papers obtained by the General Administration of Services, a federal body responsible for the administration of government property.

The President of the United States is prohibited from accepting “remunerated” payments from foreign governments under the terms of the country’s Constitution.

Trump’s attorneys have told the court that he did not break any of these constitutional protections during the campaign.

The committee also discovered that Trump had transferred millions of dollars between his businesses, making it difficult for the GSA to enforce the conditions of the agreement that prevented it from collecting profits from the resort.

When Trump participated in the 2011 tender to take over the building, the committee discovered that he had concealed some debts from the other bidders.

According to Forbes, Donald Trump has been removed from the Forbes 400 list of the world’s wealthiest people for the first time in 25 years. When compared to pre-pandemic numbers, the former US president’s worth dropped by almost $ 600 million.

Donald Trump has lost $ 600 million in the last year

In general, the wealthy become further wealthier. The net worth of Amazon CEO Jeff Bezos and Facebook CEO Mark Zuckerberg is increasing. Donald Trump, on the other hand, is on the decrease. The president of the United States’ net worth has decreased by 600 million dollars in the last year, bringing it down to $ 3.1 billion. There are several factors contributing to this loss.

Trump’s $ 600 million loss can be linked to a difficult New York City real estate market, his $ 66 million presidential campaign, and the $ 25 million spent on Trump University.

The most significant hit to Trump’s net worth came in the form of real estate. The majority of his real estate is in New York City, where multiple properties are located on or near the famed Fifth Avenue, where they have enjoyed great success. Real estate losses have resulted in a net worth drop of $ 400 million dollars. In addition, the value of a number of golf courses, particularly in Ireland, Scotland, and Miami, has fallen as a result of the lack of visitors to the area.

Trump’s holdings have appreciated in value over the course of the past year. The value of his hotel-condo complex in Las Vegas, as well as his interest in a San Francisco office building, increased dramatically. But they were insufficient to compensate for his colossal financial losses. Donald Trump suffered the greatest loss of wealth among the world’s 400 wealthiest people.

Donald Trump was the 169th richest person in the United States last year. This year, he fell to 248th on the list of wealthiest Americans. Bill Gates, with a net worth of 90 billion dollars, has been named the richest person in the United States for the 24th consecutive year. With a net worth of $ 89 billion, Jeff Bezos ranks as the second wealthiest person in the United States. Warren Buffett came in third position with a net worth of $ 75 billion. The wealthiest 400 people in the United States have a combined net worth of $ 2.7 trillion.

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