If there's one thing Donald Trump is good at, it's marketing himself. He likes to portray himself as a 'world-class businessman' or 'self-made man,' but is that true? Here is a look at his past and his finances which paint a different picture.
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Success is also thanks to father's fortune
Even though the former US president has said many times that only hard work got him where he is today, his family's money also played a major role in his founding of the his company. Born into a wealthy New York real estate family, Trump quickly found his way into business and joined his father's company after graduating in the 1960s.
While his father built affordable housing for war veterans, Trump dreamt of skyscrapers in Manhattan. With his father's financial support, he set up his own business in the 1970s. Major projects such as the general renovation of the run-down Commodore Hotel, - which is known today as the Grand Hyatt - is one of the most expensive hotels in the city, and ensured early successes in his career.
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Truth Social caused Donald Trump huge financial losses
Although Trump has also had to deal with some setbacks, he has always been able to pick himself up again and continue to cultivate his image as a successful businessman. He himself once stated that he had a market value of $3.3 billion. However, according to recent estimates, his net worth has dropped significantly. The Truth Social network, which he founded in 2021, is to blame.
The takeover of Twitter, now known as X, by Elon Musk and the significant cost-cutting measures throughout the technology sector led to a substantial drop in the Truth Social share price. For Trump, this specifically meant a loss of around 700 million dollars.
Moreover, the bulk of Trump's fortune is said to be distributed among hundreds of companies, and he himself has actual control over 'only' $65 million. So this shows that Trump is successful in one thing above all: self-promotion.
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This article has been translated from Oh!MyMag DE.
Sources used:
Welt: Die Wahrheit über den Aufstieg des Selfmade-Milliardärs
GQ: Donald Trump verliert Nettovermögen in Höhe von 700 Millionen Dollar
Frankfurter Rundschau: „Phantom-Einkommen“: Trumps Finanzen sind noch schlechter als vermutet
