Donald John Trump bills himself as a “rich” man worth about $10 billion. Some estimate that he controls about $10 billion in assets but owes almost the amount of his share of those assets, so his net worth could be anywhere near nothing. Whatever he is worth now could be a lot less than what he inherited from his father (whose real estate business he worked for and later inherited).
Trump claims he’s a successful businessman. He can’t be successful when he has a less-than-50% record of success. Of sixteen businesses that Trump organized, nine have been utter failures – going bankrupt and shutting down before their third year of operation.
Trump promises to “take the brand of the United States and make it great again.” When asked how he would make America great again, he simply pointed out that he was a “businessman.” Should a person who has bankrupted nine out of sixteen businesses be allowed to call himself a businessman?
Let’s take a look at Trump’s “business” record: sixteen business ventures and where they stand today.
Trump’s failed businesses (nine of sixteen):
- Trump Airlines – went bankrupt, lost business to creditors
- Trump Vodka – no one wanted to drink the stuff, went out of business
- Trump Casinos – filed for bankruptcy several times, Trump distances himself from it
- Trump The Game – discontinued after a year due to poor interest
- Trump Magazine – folded a year-and-a-half after launching
- Trump Steaks (a meat supplier) and Trump Steakhouse (a Las Vegas restaurant) – both folded after Trump Steakhouse received 51 health code citations that included serving 5-month old duck meat
- GoTrump.com – a search engine, folded a year after launch
- Trump University – sued by students for offering courses that were nothing but “extended infomercials,” changed its name and then folded a year later; New York’s attorney general filed a $40 million lawsuit against Trump and the university for defrauding students
- Trump Mortgage – Trump bragged “Who knows more about financing than me?” and the company shut down after 1-1/2 years of operation
Trump’s on-going businesses (not yet failed; seven of sixteen):
- Grand Hyatt Hotel
- Trump Tower
- Wollman Rink
- 40 Wall Street
- Trump Place
- The Apprentice
- Trump International Tower Chicago
Grand Hyatt Hotel, Trump Tower, 40 Wall Street, Trump Place, and Trump International Tower Chicago are real estate ventures – high-rise buildings in busy downtown areas that even a high-school kid could make good with. Wollman Rink and The Apprentice are entertainment businesses that have been having relative success.
Trump’s “other businesses” – like golf courses and resorts? They’re not really his. It is said that he rents out his name for a little in royalty. We did not include the Miss Universe (and Miss USA) pageants which Trump acquired in 1996 because he had nothing to do with their success. On the other hand, Trump has made utterances that now guarantee the demise of the pageants (several countries have already announced their withdrawal from Trump’s Miss Universe contest).
Donald Trump’s biggest asset is his big mouth – but he often uses it to shoot himself in the foot.
Caveat emptor! Beware the Trump!