The Trump Organization, the conglomerate that serves as the holding company for all of Donald Trump’s business adventures till date, has fallen drastically from rank 40 to rank 3 in Crain’s New York Business’ index of large, privately-held companies in New York.
This decline in the year that Donald Trump became president comes not from Trump Organization’s revenue system suddenly getting choked up or profits collapsing, but because of a different reason. According to Crain reporter Aaron Elstein, Trump’s previous claim that his organization recorded $9.5bn was wholly inaccurate. This year, Trump disclosed his organisation’s revenue to federal regulators, showing that Trump Organization’s actual revenues were one-tenth of what had been claimed, according to the Independent.
“While the Trump Organization claimed $9.5bn in sales last year, Mr Trump’s public filings suggest revenues of less than a tenth of that amount, between $600m and $700m.”
Elstein said that the picture presented earlier by Trump Organization was “flagrantly untrue.”
“It was obviously important to Donald to have his company at the top of the list and I don’t know why he felt that way but the numbers that he presented are just flagrantly untrue.”
This revelation comes soon after a YouGov poll showed Donald Trump’s signature hotel chain is close to the bottom of customer perception ratings. According to the poll, Republicans viewed Trump’s properties and resorts positively, while Democrats and independents showed that they had a negative view.
The Trump Organization’s best GOP customer has been Donald Trump.https://t.co/19SdTcx0x4— Citizens for Ethics (@CREWcrew) November 15, 2017
This finding is in line with Trump’s previous claims of his organization being one of the most successful businesses over the years, but reports almost always suggesting the contrary. Last year during the campaign, critics had raised objections about the acumen of Trump as a businessman, and skeptics had referred to the Forbes list released the previous year, which showed Trump’s net worth much lower than what he had claimed.
“Trump has filed statements claiming he’s worth at least $10 billion or, as he put in a press release, TEN BILLION DOLLARS (capitalization his). After interviewing more than 80 sources and devoting unprecedented resources to valuing a single fortune, we’re going with a figure less than half that–$4.5 billion, albeit still the highest figure we’ve ever had for him.”
The latest Forbes’ list also showed that Donald Trump has fallen 92 places in the richest Americans list, dropping from 156 to 248 in the list. And if Trump’s estimates of his worth are widely exaggerated, as Elstein points out, then the Trump Organization might fall even further down the pecking order.
[Featured Image by Drew Angerer/Getty Images]