Trump's net worth drops $600 million on Forbes' rich list, falls 92 spots

[mahatmakanejeeves]

Last edited Tue Oct 17, 2017, 12:39 PM - Edit history (3)

Source: CNN Money

Trump's net worth drops $600 million on Forbes' rich list, falls 92 spots

by Chris Isidore @CNNMoney

October 17, 2017: 10:19 AM ET

The rich are getting richer. But not Donald Trump.

The Forbes list of 400 richest Americans shows that the billionaire-in-chief's fortune fell by $600 million to $3.1 billion. As a result he dropped to #248 on the list, after coming in at #156 last year.

The magazine attributed his decline in wealth to "a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign." Trump reached a $25 million settlement in a suit that claims that his Trump University real estate seminars defrauded students.
....

Bill Gates tops the list for the 24th straight year with a net worth estimated at $89 billion. Amazon (AMZN, Tech30) founder and CEO Jeff Bezos, worth $81.5 billion, hold on to the No. 2 spot he first claimed in 2016. Warren Buffett, remains No. 3.
....

Trump fared better in Forbes' ranking than he did on Bloomberg's worldwide billionaires list, (1) which puts his net worth at $2.86 billion. That's not enough to make him on of the 500 richest people in the world. ... The White House did not immediately respond to a request for comment on the Forbes ranking.

CNNMoney (New York)
First published October 17, 2017: 10:15 AM ET

(1) https://www.bloomberg.com/billionaires/

Read more: http://money.cnn.com/2017/10/17/news/trump-billionaires-forbes-richest-americans/index.html

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Retweeted by RogueAltGov: https://twitter.com/RogueAltGov

Trump was a major LOSER this year in Forbes' rich list, dropping NINETY-TWO spots.

Link to tweet

* * * * *

ETA: underpants had this too, a few minutes earlier:

Trump's net worth drops $600 million on Forbes' rich list, falls 92 spots

https://www.democraticunderground.com/10029720241

[Me.]

1. OOOOOOh He's Not Going To Like That

Tantrum Today

[louis-t]

2. We already know what Bloomberg thinks of him.

I believe he came up with the name "Don the Con".

[NCjack]

3. That's why he is fighting so hard for a tax break -- being

president isn't the money-maker he though it would be. Gotta sell more of those cheesy hats.

[FakeNoose]

13. Also he's been lying all along about how much $ he has

Cheeto never had the assets he bragged about during the campaign. (Or maybe he owns them but they're incorrectly valued.)

So Forbes is readjusting his position on the list, and now he's lower down where he belongs. As a matter of fact he's going to keep dropping as long as he's POTUS and that's a good thing. The more he drops on the list, the quicker he'll want to resign and get out of there. Being President is not gonna make him rich.

[IronLionZion]

4. Poor guy needs a tax cut. He's really suffering hard from Obama's economy

oh wait...

[genxlib]

5. My takeaway from this story...

$2.86 Billion doesn't get you into the top 500.

That makes me want to vomit. And invest in guillotine futures.

[shanny]

6. Amen.

[hamsterjill]

18. My take?

The sonofabitch isn't a very good businessman.

Oh, wait - most sane people already knew that. But how will his stupid supporters spin his fall from grace? They'll blame it all on Obama somehow, I'm sure.

[donotpissoffacow]

19. I am taking up knitting.

[byronius]

29. +1

[EarthFirst]

41. This. n/t

[blueinredohio]

7. My thought is he owes more money than he has assets hence he has no money.

Which is why he doesn't donate to charities. I know he says he does but no charity ever sees it.

[fleur-de-lisa]

8. I think you are absolutely correct about his assets.

And he doesn't donate to charities simply because he is an asshole.

[IronLionZion]

11. He doesn't donate to charity because he's a greedy selfish bastard

[dixiegrrrrl]

23. The problem is those scores do include Debt.

It counts what you owe as well as what is income.

You can have a 100% loan on a million $ property, which is counted as a 100 million $ asset.
Kushner is a good example right now...he "owns" half of that 666 building which is worth, say, 90 million.
but he can't sell it right now, and it is not generating much income and he STILL owes those payments on it.
but, on paper, his is "rich".

Inside, he is desperate to sell it, and/or to find other sources of money to live on, but happily, all his efforts are failing, and soon will get much worse.

[Gothmog]

9. Trump is not as rich as he claims

[lagomorph777]

14. His net worth has many zeroes after it, and a "-" sign before it.

That's why he sold himself to Putin.

[BumRushDaShow]

10. "Alt US Mint"

Have to give those folks credit.

[sinkingfeeling]

12. That makes his $1 million donation to hurricane relief about like the average

household donating $10.

[lagomorph777]

15. Yeah, if Turd ever actually donates a nickel.

Lying scumbag that he is.

[ProfessorGAC]

16. As I Said In UP's Thread

Number is still too high. The asset based is much more highly leveraged than their estimates. That's why the well ran dry at big banks and why we aren't seeing tax returns. The latter would expose the net worth is a myth. If i had to predict, i'd say the asset base is 50 or 60% above this number and the debt to equity ratio is 0.7 to 0.8.

A DE ratio that high is why the big banks would have said "no more".

[dixiegrrrrl]

25. why the big banks would have said "no more".

According to 2 of Trump's biographers, the bans said no after he refused to pay back previous loans, manged to AGAIN get roll-over-refi loans, and still declared bankruptcy several times to get out of re-payments.

Tim O'Brien's book states Trump actually told one bank " I told you not to trust me..." words to that effect.

[underpants]

33. "Over the barrel" and 5%

As his biographers also pointed out he gets people "over the barrel", so locked into him that it's better to keep him around than ditch him. After his famed bankruptcies and before his TV show he had control of about 5% of the properties associated with him. The banks ended up taking every project over because his short attention span made he lose focus on MANAGING them instead of moving on to the next thing. The banks realized that there was no reason to deal with him only to end up managing the projects themselves.

He has his kids over the barrel too.

[JI7]

36. He sucks at business. If he was a regular guy who wasn't born into wealth he would not even make it

As a assistant manager at one mcdonalds or similar size business.

[ProfessorGAC]

39. Oh No Doubt

But not having the cash flow claimed would be a reason to not repay the loans, when one's business model involves high leverage. To cut one's self off from floating capital makes no sense unless the money just isn't there.

[bluevoter4life]

17. Cue the Forbes Twitter-storm

In 3...2...1...

[Luciferous]

20. Haha, I love it!

[irisblue]

21. So he can make a YUGGE donation to FEMA like Melania PSA asks for .

Time for the daily comment....F that guy

[Sunlei]

22. couple more yrs of Trumps & (R) suckin' Americans Federal funds he will be Number 1

we'll all be po' , fat, unhealthy & pregnant. let the unwashed masses shut-up, eat soybean & wear masks.

[no_hypocrisy]

24. Get'em where it hurts!

[Vinca]

26. That's sure to drive Dear Leader nuts.

[Eliot Rosewater]

27. He has zero net worth if you include the 1.7 billion he owes Putin.

No, I dont have a link to prove it is $1.7, but since we are not allowed to know anything, at all, about his taxes or for that matter finances, I have to make an educated guess.

[Irish_Dem]

28. Yah, but did they count the money the Russians gave him stashed in a Swiss bank account?

[yallerdawg]

30. Trump wants tax "reduction" before he leaves office.

"Probably in next two months," he says.

From his lips to God's ear, I says!!!

[NastyRiffraff]

31. He'll call for an investigation of Forbes

How DARE they say he's anything less than #1!

[greymattermom]

32. The real estate thing makes no sense to me.

Your equity should be the current value of the property minus what you owe on the mortgage. Some might include your part of a real estate transaction as a minus too. This is why so many houses went underwater during the recession, and some still are.

[riversedge]

34. Too bad.

[ffr]

35. His tRump Good News for the Day team can tell he's moved up from #45

He can now be referred to as #248.

See boss, it's a higher number, so better.

[SammyWinstonJack]

37. Forget tRump, the loser. 89 billion, 81 billion...that's obscene.

Tax cuts?

[keithbvadu2]

38. Easily fixed... Have Secret Service rent more golf carts

Easily fixed... Have Secret Service rent more golf carts

[Achilleaze]

40. #248 What a loser*

* Comrade Casino, republican Draft-Dodger-in-Chief