6 of Donald Trump's Most Bizzare Business Ideas That Literally Failed
6 of Donald Trump's Most Bizzare Business Ideas That Failed
The name Donald Trump is synonymous with multiple businesses, from real estate to food industry the former president has tried to conquer it all. The Republican leader has even dabbled in the TV industry with his reality show The Apprentice, he even encouraged the beauty industry by organising beauty pageants. As per SCMP, Trump continues to invest hard in profit making ventures and launch items, some of which are bizarre enough to fail than others. These are the top seven most strange goods, assets, and ventures that Trump has undertaken throughout the years and tasted defeat when it comes to making millions.
1. Airline
The goal of the Trump Shuttle launch in 1988 was to build "the best transportation system of any kind in the entire world." "We took old 727s and spent a huge amount of money stripping them down to the frame and refurbishing them with chrome seat belts, maple bulkheads and faux marble bathrooms [real marble would have weighed the aircraft down]," Bruce Nobles, a former Pan Am executive and president of Trump Shuttle from October 1988 until June 1990, told in an interview, as per The Sydney Morning Herald. "It was a problem: we spent too much money on the airplanes." According to Nobles, Trump borrowed $US380 million from a group of banks and contributed about $US20 million of his own funds to pay $US365 million for the plane and landing slots. The shuttle business however didn't work due to fuel and maintenance costs.
2. Casino
The Trump Plaza Casino and Hotel was one of the most ambitious projects of the billionaire tycoon, after promising authorities he would not, Trump built his casino empire by taking out loans at interest rates so exorbitant that the companies had almost little prospect of making money. As per The NYTimes, His casino enterprises filed for bankruptcy four times, each time convincing bondholders to take a smaller payout instead of losing everything. However, the businesses kept piling on more costly debt and going back to the court to ask for protection from lenders. Trump's casino business never succeeded in attracting enough customers to cover the whole amount borrowed. In a ten-year period during which other casinos in this area prospered, Trump consistently posted enormous losses. Over $1.5 billion was lost by investors in stocks and bonds.
3. Steak
Trump dubbed his product as "the world's greatest steaks", back in 2007, "Trump Steaks" made a big splash, giving meat aficionados "a taste of his luxurious lifestyle" for as little as $199 for a pack of 12 steak burgers and four steaks, or as much as $999 for a selection of 16 prime cuts. As per France 24, the steaks, which were only offered through an odd partner—the US consumer electronics store The Sharper Image—apparently failed to pique customers' interest and are currently out of stock. It eventually went out of business due to poor quality and health violations.
4. University
Trump University was just another failed endeavor that aimed to teach individuals how to become prosperous business tycoons. Established in 2005, it charged up to $35,000 for unaccredited online courses covering topics like wealth development, entrepreneurship, and asset management. The "university" was plagued by numerous legal issues. Authorities ruled that the organization was "misleading" when it called itself a university in 2010, forcing it to rename as The Trump Entrepreneur Initiative. In the same year, four former students filed a lawsuit against the organization, claiming it was "offering classes that amounted to extended infomercials." The company's legal problems persisted even after it shuttered in 2011. Attorney General Eric Schneiderman of New York launched a $40 million lawsuit against Trump University in 2013 alleging that the university had defrauded more than 5,000 of its clients.
5. Mugshot
Soon after his arrest in Fulton County, Georgia, the former president released a range of merchandise on his website, including T-shirts, coffee mugs, koozies, and posters, all of which included his mugshot photo and managed to raise $7.1 million within a few days. As per Business Insider, MAGA supporters were thrilled to hoard onto their favorite candidate's products and bought 24,000 coffee mugs, which brought in $864,000. The campaign also sold 8,600 mugshot posters for another $352,000. His campaign has since then raked in a whopping $9.4 million.
6. Tea
In the past, Trump and Talbott Teas collaborated to produce four whole leaf tea blends with the Trump brand and emblem. The teas, Park Avenue, Union Square, Mar-a-Lago, and Weschester, were named after some of Trump's favorite locations and were billed as "richly invigorating." "We are thrilled to be partnering with Talbott Teas on this collection of tea which offers the opportunity to indulge in an affordable way. Our mission was to create unique blends that would make the tea-drinking experience both relaxing and luxurious," Cathy Hoffman Glosser, Executive Vice President of Global Licensing for The Trump Organization said. As per PRNewswire, the richly flavored teas were made available on an exclusive website which is currently not functional.
