As a business tycoon, Donald Trump handled six businesses that went bankrupt since he couldn’t pay the bills. Trump has been careless and making mistakes time and again jeopardizing the downfall of his several ventures. As declared by the New York Times he has more than $400m (£300m) in loans coming due over the next few years. In a “town hall” meeting Trump proclaimed that it represents only “a tiny proportion” of his net value.
Trump as a self-described “king of debt”, is gratified of his numerous business economic failures, boasting recurrently just how he has “vividly” exploited corporate bankruptcy acts in order to wriggle out of his companies’ financial obligations. However, he has managed other investors, stakeholders and banks recompensate for his failures till date.
Trump has lost $1.17 billion between 1985 and 1994. He acquired several properties casinos which couldn’t pay their debts. By 1991 Taj Mahal faced a downfall likewise in 1992 Trump Plaza and the Trump Castle was announced bankruptcy. Plaza Hotel was Trump’s sixth bankruptcy in 1992.
Talking about Trump’s Golf courses he purchased the suburb-sized course behind the Miami International Airport out of bankruptcy in 2012, he expended $250 million renovating and retitled it as Trump National Doral. It lost $20 and $60 million in 2012 and 2013 respectively.
In reference to the latest report by the Washington Post, Most of Trump’s investments are in travel and leisure which has been impacted due to Covid-19 although it wasn’t doing very well before the pandemic either. New York Times’ analysis into Trump’s taxes last month discovered his businesses stood affected losing currency at a staggering rate.
How much does Trump owe to whom isn’t exactly revealed but he apparently owes nearly $320m to Deutsche Bank and approximately $113m to a real estate investment trust known as Ladder Capital. If he had won the election, in the upcoming four years, he could possibly pay off his loans easily. But since, he lost the election it will be a hard time for Mr. Trump. Let’s wait and watch to see if he hits seventh bankruptcy this time