President Donald Trump’s personal fortune is taking a major hit amid the coronavirus crisis, a new report claims.
As the stock market sank and Trump’s company was forced to close its resorts as the virus spread across the globe, The Daily Beast reported that Trump’s personal net worth fell by roughly $1 billion. The new appraisal came from Forbes, the financial magazine that compiles the list of wealthiest Americans and had pinned Trump’s net worth at $3.1 billion just one month ago.
It has now dropped to $2.1 billion this week as the coronavirus pandemic led states across the country to close all nonessential businesses — a category that includes the president’s resorts and golf courses.
“Trump’s empire was valued at roughly $1.9 billion prior to the forced shutdowns across the country intended to slow the spread of the coronavirus,” the report from The Daily Beast noted. “That value dropped to $1.2 billion by March 18, which is the largely the result of the now-vacant Fifth Avenue building in Manhattan where he owns 125,000-square-feet of retail real estate, according to Forbes.”
As CNBC reported last month, the Trump Organization was forced to close several resorts during the normal peak of the season, but not all of the company’s properties closed at that time.
“Various facilities are temporarily closed given local, state and federal mandates,” said a spokesperson for the company. “We anxiously await the day when this pandemic is over and our world-class facilities can reopen.”
The Florida resort had been the site of a coronavirus scare after a member of the Brazilian government’s delegation, who met with Trump there, later tested positive for the coronavirus. Pictures had shown the man standing close to Trump during the weekend meeting, leading to Trump being tested. The test came back negative.
Trump has been criticized for maintaining close ties to his business ventures during his time in the White House, despite past presidents divesting from any businesses they had. The president frequently travels to Mar-a-Lago when the Florida club is in season, taking long weekend vacations there and golfing at his company’s course.
It is not clear yet when Trump’s company could reopen Mar-a-Lago and other resorts. Experts have predicted that there will be several more weeks of intensive social distancing measures needed in order to curb the spread of the coronavirus and that some measures may need to remain in place for the roughly 12 to 18 months needed to develop a vaccine.