London Daily

Focus on the big picture.
Saturday, Feb 22, 2025

Donald Trump 'lost $1bn in a month' from coronavirus lockdown

Donald Trump 'lost $1bn in a month' from coronavirus lockdown

Stock market crash strips billionaire status from 267 of world’s richest people in the annual list
Donald Trump lost an estimated $1bn of his paper fortune in the past month as the coronavirus lockdown forced the closure of offices, shopping centres, hotels and golf courses he owns.

The US president’s fortune has fallen from an estimated $3.1bn (£2.5bn) on 1 March to $2.1bn on 18 March (at the height of stock market panic caused by the coronavirus pandemic) according to Forbes magazine’s annual billionaires list.

The Covid-19 induced collapse in global stock markets led to 267 of the world’s richest people losing their billionaire status, in the magazine’s 34th annual wealth ranking. There are now 2,095 dollar billionaires in the world – and a record 1,062 of them have lost money compared with last year.

Among those who joined the billionaires’ club is Eric Yuan, the founder of Silicon Valley video conferencing app Zoom. The magazine estimates that Yuan, who owns 20% of Zoom’s shares, has a paper fortune of $5.5bn.

The app has become hugely popular during the coronavirus lockdown as people around the world use it to keep in touch. Zoom has been used for everything from nursery school sing-alongs to FTSE 100 boardroom meertings and even UK Cabinet meetings.

But Yuan was forced to apologise to users over misleading claims that it offers “end-to-end encryption for all meetings”. “We recognise that we have fallen short of the community’s – and our own – privacy and security expectations,” Yuan said in a blog post. “For that, I am deeply sorry.”

Amazon founder and chief executive, Jeff Bezos, maintained his standing as the world’s richest person for the third consecutive year with a $113bn fortune. His total wealth estimated by Forbes slipped from $131bn last year. Amazon’s shares have largely recovered from the stock market plunge as most of the company’s services are still operating throughout the lockdown.

Most of Trump’s wealth comes from his real estate. His Trump Organization empire – which is managed by his sons Donald Jr and Eric – includes Trump Tower in Manhattan and his Mar-a-Lago club in Florida, which the president likes to call his “winter White House”). There are also more than a dozen hotels and golf courses, such as the Trump International Hotel on the Las Vegas strip and the Trump International Golf Links in Aberdeenshire, Scotland.

World governments and many US states have forced the closure of all non-essential businesses across the world, leaving offices and hotels empty and golf courses deserted.

The Trump Organization has closed 17 of its properties across the world, according to the Washington Post. Those that are still open are running skeleton services. About 1,500 Trump Organization staff have been laid off or furloughed, according to public filings reviewed by the newspaper.

The closed properties generated about $650,000-a-day for the company, according to the president’s previous financial disclosures.

The Trump Organization last week sought guidance from Florida’s Palm Beach county about whether it expected the company to continue making monthly payments on land it leases for a 27-hole golf club, the New York Times reported. Trump representatives have also reached out to Deutsche Bank, the company’s largest creditor, about the possibility of postponing payments on some of its loans.

Forbes said it calculated Trump’s fortune by comparing it to the share price plunges experienced by stock market-listed real estate companies, which suffered average stock price declines of 37%. The magazine also compared Trump’s hotel and golf businesses with listed hospitality companies, which have also suffered heavily in the stock market rout.

Trump also owns 125,000 sq ft of retail space near Fifth Avenue in Manhattan. It is normally one of the most profitable shopping areas in the world, but has been deserted for weeks due to the pandemic.

Eric Anton, a New York property broker, said: “The [Forbes] analysis, it’s as good as any other way I can think of [estimating Trump’s wealth].”
Newsletter

Related Articles

0:00
0:00
Close
UK Prison Officer Sentenced for Inappropriate Conduct with Inmate
Good News: Senate Confirms Kash Patel as FBI Director
Officials from the U.S. and Hungary Engage in Talks on Economic Collaboration and Sanctions Strategy
James Bond Franchise Transitions to Amazon MGM Studios
Technology Giants Ramp Up Lobbying Initiatives Against Strict EU Regulations
Alibaba Exceeds Quarterly Projections Fueled by Growth in Cloud and AI
Tequila Sector Faces Surplus Crisis as Agave Prices Dive Sharply
Residents of Flintshire Mobile Home Park Grapple with Maintenance Issues and Uncertain Future
Ronan Keating Criticizes Irish Justice System Following Fatal Crash Involving His Brother
Gordon Ramsay's Lucky Cat Restaurant Faces Unprecedented Theft
Israeli Family Mourns Loss of Peace Advocate Oded Lifschitz as Body Returned from Gaza
Former UK Defense Chief Calls for Enhanced European Support for Ukraine
Pope Francis Admitted to Hospital in Rome Amid Rising Succession Speculation
Senate Republican Leader Mitch McConnell, at the age of 83, Declares His Retirement.
Whistleblower Reveals Whitehall’s Focus on Kabul Animal Airlift Amid Crisis
Politicians Who Deliberately Lie Could Face Removal from Office in Wales
Scottish Labour Faces Challenges Ahead of 2026 Holyrood Elections
Leftwing Activists Less Likely to Work with Political Rivals, Study Finds
Boris Johnson to Host 'An Evening with Boris Johnson' at Edinburgh's Usher Hall
Planned Change in British Citizenship Rules Faces First Legal Challenge
Northumberland Postal Worker Sentenced for Sexual Assaults During Deliveries
British Journalist Missing in Brazil for 11 Days
Tesco Fixes Website Glitch That Disrupted Online Grocery Orders
Amnesty International Critiques UK's Predictive Policing Practices
Burglar Jailed After Falling into Home-Made Trap in Blyth
Sellafield Nuclear Site Exits Special Measures for Physical Security Amid Ongoing Cybersecurity Concerns
Avian Influenza Impact on Seals in Norfolk: Four Deaths Confirmed
First Arrest Under Scotland's Abortion Clinic Buffer Zone Law Amidst International Controversy
Meghan Markle Rebrands Lifestyle Venture as 'As Ever' Ahead of Netflix Series Launch
Inter-Island Ferry Services Between Guernsey and Jersey Set to Expand
Significant Proportion of Cancer Patients in England and Wales Not Receiving Recommended Treatments
Final Consultation Launched for Vyrnwy Frankton Power Line Project
Drug Misuse Deaths in Scotland Rise by 12% in 2023
Failed £100 Million Cocaine Smuggling Operation in the Scottish Highlands
Central Cee Equals MOBO Awards Record; Bashy and Ayra Starr Among Top Honorees
EastEnders: Four Decades of Challenging Social Norms
Jonathan Bailey Channels 'Succession' in Bold Richard II Performance
Northern Ireland's First Astronaut Engages in Rigorous Spacewalk Training
Former Postman Sentenced for Series of Sexual Offences in Northumberland
Record Surge in Anti-Muslim Hate Crimes Across the UK in 2024
Omagh Bombing Inquiry Concludes Commemorative Hearings with Survivor Testimonies
UK Government Introduces 'Ronan's Law' to Combat Online Knife Sales to Minors
Metal Detectorists Unearth 15th-Century Coin Hoard in Scottish Borders
Woman Charged in 1978 Death of Five-Year-Old Girl in South London
Expanding Sinkhole in Godstone, Surrey, Forces Evacuations and Road Closures
Bangor University Announces Plans to Cut 200 Jobs Amid £15 Million Savings Target
British Journalist Charlotte Peet Reported Missing in Brazil
UK Inflation Rises to 3% in January Amid Higher Food Prices and School Fees
Starmer Defends Zelensky Amidst Trump's 'Dictator' Allegation
Zelensky Calls on World Leaders to Back Peace Efforts in Light of Strains with Trump
×