Trump Loses $500 Million Amid Global Tariff Turmoil.
Tariffs might seem straightforward, but they often lead to surprising consequences. Just look at the president, who saw his wealth shrink by half a billion dollars in just a few days.
Last week, Donald Trump kicked off a global trade war, causing a ripple effect that impacted many, including himself. On April 2, when he announced his extensive tariff plan, Forbes estimated his net worth at $4.7 billion. Fast forward less than a week, and it plummeted to around $4.2 billion, as the value of his public stocks and private investments dropped along with the overall market.
The biggest hit to Trump’s wealth came from his most prized asset, the Trump Media and Technology Group, which saw an 8% decline over the last three trading days, reaching its lowest point since October. His stake, valued at $2.2 billion on Wednesday, has now decreased to $2 billion. This roughly $170 million loss is just the tip of the iceberg.
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Additionally, his commercial real estate holdings are estimated to have dropped by about $90 million, assuming they faced similar declines as publicly traded commercial property firms. Shares of Vornado Realty Trust—the company that collaborates with Trump on two of his key properties, 1290 Avenue of the Americas in New York and 555 California Street in San Francisco—fell 14% from the time of Trump’s announcement until the end of Monday.
Another major New York City real estate firm, SL Green, saw its stock drop by 15%. Now, Trump’s real estate portfolio, which includes the Vornado properties, Trump Tower, and 40 Wall Street, is valued at approximately $570 million, down from $660 million just a week ago.
Golf properties are also seeing a drop in value. A lot of the equipment and apparel sold in pro shops is imported. The real concern for Trump’s investments, though, is the potential for budget cuts. Club members may start to scale back on extravagant events like weddings, fine dining, or even their memberships. “When a recession hits, your spouse might turn to you and ask, ‘What are we doing with this pricey club membership?’” shares one expert from the industry.
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There aren’t any publicly traded companies that match Trump’s golf club collection, but similar businesses are facing challenges. Stocks of high-end leisure companies, like Vail Resorts and Soho House, have dropped over 15% since Wednesday. Topgolf Callaway Brands, which produces golf clubs and operates venues, has also seen a 15% decline. If Trump’s golf courses experienced a similar downturn, it could reduce his net worth by another $70 million.
The hospitality sector isn’t faring any better. Trump’s largest asset is Trump National Doral, a 643-room resort in Miami, where LIV Golf, linked to Saudi interests, recently held an event, and Trump appeared shortly after revealing his tariff plans. White House spokesperson Taylor Rogers emphasizes that the president is focused on the nation rather than his business.
“President Trump has imposed tariffs on countries that have been taking advantage of us for years to ensure a better future for Americans,” she stated. “His assets are in a trust managed by his children while he works tirelessly to lead the country toward economic success.” Besides Doral, Trump still owns numerous hotel-condo units in Chicago and Las Vegas. If the value of his holdings dropped by around 16%, he could lose an additional $65 million. His smaller licensing and management business might also have lost another $15 million on top of that.
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Residential real estate has seen a significant drop, with shares of four publicly traded apartment companies falling by an average of 13%. Trump has numerous units in buildings he developed years ago. If he were to sell some of those, his net worth could decrease by around $20 million. His most valuable assets might be his high-profile properties, like the penthouse in Trump Tower and Mar-a-Lago. Dana Koch, a luxury real estate agent in Palm Beach, notes that these types of assets operate in a different market than publicly traded stocks, stating, “This is even more finite and more scarce.” If those prized properties were to lose just 5% of their value, which is half of the broader market's decline, Trump would lose an additional $32 million.
Cash usually offers some relief during tough times. According to Trump’s most recent financial disclosure, he has a mix of bonds and some equity investments, including a stake in private-credit firm Blue Owl Capital valued between $5 to $25 million, which has dropped 22% since Wednesday. After submitting that disclosure in August, Trump benefited from two significant cryptocurrency ventures. The first was World Liberty Financial, which claimed to initiate a “financial revolution” and directed nearly $400 million to Trump and his family. The second was the sale of the $TRUMP coin, likely adding at least another $175 million before taxes.
The challenge for the president is that he may have invested some of those earnings in cryptocurrencies, which are known for their volatility. Eric Trump, his son, publicly endorsed Ether in February, encouraging his Twitter followers that it was “a great time to add $ETH.” Since then, the currency has plummeted by 45%, including an 18% drop following Donald Trump’s tariff announcement. If the president’s estimated post-tax earnings of $350 million were to decrease by even half as much as Ether, he would lose another $32 million.
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When you consider everything, it seems that Trump's losses from his private assets are greater than those from his publicly traded stocks. The biggest challenge he faces isn't the direct tariffs on the products he imports, especially since his businesses don't deal much in physical goods. Instead, it's the decline in investor confidence worldwide. Decisions about luxury real estate, expensive club memberships, and trendy meme stocks often come down to emotions rather than rational thinking. The more uncertainty Trump brings to the global economy, the more his net worth is likely to drop.
