'Monumental miscalculation': Trump cost himself a fortune by refusing to divest when he became president
Even though former President Donald Trump tried to enrich himself at taxpayers' expense during his tenure with frequent trips to his own golf clubs, those apparently weren't enough to make up for the massive losses he incurred during his four years in the White House.
Forbes reports that Trump made a "monumental miscalculation" when he refused to take ethicists' advice by divesting his assets upon assuming the presidency in 2017.
"From the time he entered the White House in January 2017 to his departure a few months ago, Donald Trump's fortune fell by nearly a third, from $3.5 billion to $2.4 billion," Forbes writes. "If he had sold everything on Day 1, paid the maximum capital-gains taxes on the sales, then put the proceeds into a conflict-free fund tracking the S&P 500, Trump would have ended his presidency an estimated $1.6 billion richer than he is today."
The publication then runs down the plethora of Trump properties that crashed in value while he was in the White House, headlined by 6 East 57th Street in Manhattan, which saw its net value plunge by a whopping $217 million over the last four years.
The value of Trump's hotel management and licensing brand also crashed by $163 million during his presidency, and real estate analyst Kevin Brown tells Forbes that the former president "has done permanent damage to the Trump name and image, at least for two or three decades."
