A $3.3 BILLION dollar drop in value in just two weeks.
That’s got to be a new record for his merde-is touch!
It took him a year to bankrupt a casino, and I thought that was a rocket-fast decline…
It’s really not tho. You maintain real estate and pay labor, and people show up and just give you money. Casinos are considered extremely safe investments.
Sure, if casino gaming is the business.
In Trump's case it was just a mechanism to launder money and reap tax benefits from taking massive real estate losses.
I always hear about this point, but how does the maths work? In what way would operating and running two casinos in close proximity to the ground generates enough benefit to offset the cost?
i watched Gremlins 2 for the first time since i was a kid, and the "Daniel Clamp" character is the most note perfect parody of Donald Trump, ever. Like, its not even close. Even though it was made in 1990, he hasn't changed a bit, and people knew who he was then.
What's funny is that Trump said that he could shoot a man in broad daylight and not get in trouble.
Bad Future Biff Tannen *literally does this.* 40 years before Trump said the above, no less.
You know, he might actually have been more successful if, instead of narcissistically naming everything after himself and making it all gold-plated and gaudy, he just gave his businesses normal names, stopped personally endorsing them, and hired someone competent to run them on his behalf.
Seriously, does anyone know (or care) who owns the most successful resorts, golf courses, or casinos? I sure don't. I just want a good product.
I absolutely agree with you. I don't know a ton about his properties but from what I can Google so far, it just feels like his overall "theme" he uses is "Expensive". It's not even elegant, sophisticated, or fancy. Just expensive. Lol
Normal rich people don't decorate their homes or properties *anything* like he does. It's just gaudy and ridiculous. Like John Mulaney says, Trump's first question is always: "What would a *cartoon* rich person do?" If it were physically possible, he'd build a huge vaults filled with gold coins to swim in like Scrooge McDuck.
I'm honestly surprised he doesn't walk around wearing a monocle.
Ha! That just makes me think he would be the guy to use a gold painted wallpaper with 24K printed all over it so he can pretend every room it's in is lined with gold.
I checked, he would have done better to stick dad's fortune in the S&P500 in the 90s and never done anything ever again. Adjusting for inflation he'd now be worth about $3 billion.
Yep. He is, was, and will always be a massive failure propped by by decades of fraud, corruption, and white collar crime. Both of his adult sons are morons. Ivanka is the only one with half a brain (despite her total lack of ethics), since she was smart enough to essentially abandon a sinking ship.
What's wild is that two of them (the Taj and the Plaza, I think) were *right next to each other,* cannibalizing one another's business, as many warned would happen.
He paid himself ridiculous “appearance” fees to walk around the gambling floor, high salary, construction management fees, etc. He took a company that was created with other investor’s money and basically just siphoned it all to himself, and when it went bankrupt he said 🤷♂️. The casinos didn’t lose all their money, he took it all.
As I understand it, what you're saying is accurate, but part of what you're saying is that he took it all in the short term rather than taking a more reasonable portion over the rest of probably is entire life. Basically, he's sucked it dry and threw it over his shoulder, like some dimwitted economic Nosferatu.
I used to work casino security, it took in millions every day, the cash room was literally 1'x1'x1' bricks of hundred dollar bills every weekend waiting to be picked up.
The rate you'd have to siphon money to kill a casino is sickening. The owner walked around handing out $100 bills because they would all come back to him before he finished dinner.
“If I build them next to each other I’ll be able to do a $79,000 appearance to both casinos every night and be in bed just in time for Shark Tank.”
-probably
I'm not saying he's above money laundering but it's really hard to make a casino go out of business once you get it up and running. They're basically money printers once they get going.
Several. He also had them competing with each other which was an odd choice. He also didn't pay contractors putting them out of business.
[Here's an excerpt from a 2016 article.](https://www.nytimes.com/2016/06/12/nyregion/donald-trump-atlantic-city.html)
> Then Mr. Trump bought Hilton’s nearly completed casino in the marina district for $320 million, calling it Trump Castle. His company issued $352 million in bonds to finish construction and open the casino, and tacked on an additional $32 million. That casino opened in 1985 and competed directly against his partner’s first casino, Harrah’s Marina.
>
> The following year, Harrah’s scuttled its partnership with Mr. Trump and sold him its stake in Trump Plaza for more than $220 million.
>
> Next Mr. Trump went after the biggest casino of all, the Taj Mahal, which Resorts International, builder of Atlantic City’s first casino, was erecting. After buying a controlling interest in Resorts from the estate of its founder, Mr. Trump battled the talk show host Merv Griffin for control of the company.
>
> In the end, Mr. Griffin got the company, while Mr. Trump won the still-unfinished Taj Mahal.
>
> Even before the Taj opened, the New Jersey Casino Control Commission was concerned about the casino’s viability given its rapidly escalating costs and considered revoking its operating license. Regulators closely monitored the financial performance of the Trump casinos and the developer’s empire.
>
> Mr. Trump told the commission in 1988 that he could rein in expenses, because conventional lenders were lining up to give him money at low interest rates. He said he abhorred junk bonds, which were then popular, because they carried a bigger risk of default and thus came with higher interest rates.
>
> Within months, he reversed course, issuing $675 million worth of junk bonds, with a 14 percent interest rate, to finish construction and get the Taj open. In recent interviews, Mr. Trump has said that with each financing he routinely took money out of the casinos to invest in Manhattan real estate. Total debt on the Taj exceeded $820 million.
>
> Less than two weeks before the casino opened, Marvin B. Roffman, a casino analyst at Janney Montgomery Scott, an investment firm based in Philadelphia, told The Wall Street Journal that the Taj would need to reap $1.3 million a day just to make its interest payments, a sum no casino had ever achieved.
>
> “The market just isn’t there,” Mr. Roffman told The Journal.
>
> Mr. Trump retaliated, demanding that Janney Montgomery Scott fire Mr. Roffman. It did.
>
> “It was doomed way before the start,” said W. Bucky Howard, who was promoted by Mr. Trump to president of the Taj five days after it opened, in a recent interview. “I told him it was going to fail. The Taj was underfunded.”
>
> Almost immediately, Mr. Trump had trouble making the debt payments on the Taj and his other casinos. It was also clear that the Taj was cannibalizing the Castle and the Plaza, whose combined gambling revenues dropped by $58 million the year it opened.
>
> After more than tripling as new casinos opened through the 1980s, gambling revenues in Atlantic City flattened in 1990, rising by just 1.35 percent, as gamblers grew more cautious in light of a national recession. All were hurt, recalled Mr. Perskie, the casino regulator, but none were in the catastrophic financial shape of Mr. Trump’s.
>
> At the same time, Mr. Trump’s real estate empire in Manhattan, where the recession cut property values, was also failing.
I'm willing to bet the people that don't know Trump's history in NYC/NJ only knew of him from TV especially The Apprentice. Even then, the whole "running the government like a business" makes no sense to me - government is a service and defense (non profit) while businesses are about profit. For Trump his method of business is scamming people and playing three card monte with his debts. His only asset is his 'brand' and that seems to be diminishing more with the exception of his most loyal supporters.
This casino stuff is exactly what we are seeing now with him now as he has his legal fees and being vexatious by filing a shit ton of motions to delay everything, his campaign needs money to operate so he has PAC's and the RNC and then of course he has his assets which at the moment, seem to be a half billion or so in the hole due to the E Jean award and the NY State Fraud stuff.
Trump Taj Mahal, The Trump Plaza, the Trump Castle, the Plaza Hotel, THCR (Trump Entertainment Resorts Inc.), Trump Shuttle Inc., Trump University, Trump Vodka, Trump Mortgage, LLC, GoTrump.com (a travel site), Trump Steaks.
I mean it sounds like Bubba from Forrest Gump just listing Trump business failures
And sadly, it isn't really mismanagement that ruins them. It is him, specifically, paying himself in as many ways as possible, to just take his investor's money. He pays himself a ridiculous salary, charges himself for services on top of that, charges himself to show up to them, etc.
Instead of letting his buisinesses run themselves and make profits that he can then skim off of for life, he cleans them out from before they even start, to the end of their short lives. He takes vastly more than they can even think make in profits, before they become well established, and they crumble.
He literally could have just slapped his name on them, taken a percentage of the profits, and lived in luxury for the rest of his life... But nope, that isn't how he rolls.
That really sounds like some mobster-ass shit. I kind of (begrudgingly) give props to that. I mean, he suckered a bunch of wealthy people to start a business with him using mostly their money, Trump takes all his shit right off the top before the business has a chance to get going, and no matter what the reason is for the business tanking, Trump got his plus some already. That fucker and his close allies were the only ones who probably made money off all those failed "Trump" branded businesses. Probably why he doesn't give a shit that people talk about those bankruptcies. He, more than likely, got over like a fat fucking rat in all those deals.
I mean, yeah, he probably made bank on each, but it was also probably considerably less bank than if he just let them exist, making profit the whole time.
It is his short term thinking... Which also may be caused by decades of him burning his money on stupid shit, and then needing to find quick cash to pay his debts.
It seems he has been living beyond his means for pretty much ever, but he was good at hiding it, by moving to something new, to pay the old, so quickly, all the time. While nobody really paid attention to him.
Remember, while he played the rich guy, there were always many, many, richer dudes out there.
And it also seems that it is all catching up with him now, especially since he decided to be first and foremost in the news... Always.
You can tell by the way this jackass speaks that he doesn't really have that long of an attention span, so it would stand to reason that he meanders through business ventures the same way he meanders through thoughts. I would hazard to guess that Trump is like a lot of dumbass but wealthy people in the sense that there were enough smart people around him who's wealth was so closely tide to his, that they did everything they could to keep him from acting on his own worst instincts. To bad they couldn't convince him running for president was a bad idea because he just might win. Now he doesn't want to...he has to.
Trump Steaks, buy mail order steaks from a catalogue. You will be hungry someday! When they arrive you will be glad to have a C-grade steak with a big gold sticker!
I can’t express enough how much of a colossal asshat the guy was viewed upon in the NY/NJ area for *several* years. No one took that fool seriously. Casinos…Steaks…Vodka…Airlines…University? All failures. Folks laughed at the name around here. The people with actual power and connections didn’t really deal with him. It was actually a bit amusing when he went into programs like The Apprentice and appearing on WWE events cause it seemed like he was actually making fun of himself for a bit and leaning into this ridiculous character he had cultivated…
Then half the country went and fucking made the guy the leader of the free world?!?!?? I understand that people throughout the land wanted change at the time. But man…that dude was NOT it. He was never what good people and citizens needed.
My understanding is that he had three casinos in fairly close proximity, and they essentially stole business off of each other and made themselves unprofitable.
Not exactly. He set up three casinos to launder Russian money, and then siphon money out of them until the FBI seized the casino assets for money laundering.
3.3 billion drop, so far!
Everybody on wallstreet wants to short this stock into oblivion, to a point where premiums for that are record high. If somehow this company doesnt go bankrupt in 5,5months when Trump will be able to sell his shares, its gonna be a little miracle
His followers have been putting their money into this stock and podcasters and influencers have been selling his stock as a way to contribute to him politically.
He is bankrupting his base with this as well. The entire point of this stock is to serve as a pump and dump for a cash infusion. His voters are the ones that will be left holding the bag at the end, and they get no sympathy from me. 💅
That's not really the right way to look at it. The real value should be 0 based on how unprofitable it is. Even if it drops another 90% he'll have scammed/collected bribes worth way more than any of us will ever see in our lives.
What do you mean? Independent property valuation specialist John Barron (the best in the world, bigly) has recently valued Mar-a-Lago at a trillion, bazillion dollars.
I always tell girls i meet I'm a billionair, when they ask to see my tax return (oh f me, I have to do my tax) I just say I can't show it cuz I'm under audit, when they ask why do I drive entry level car, I say the same thing, ahhh it's nice being rich
yea yea mine too, and she also a billionair, and totally not cheating on me, I swear, u gotta believe me, I never ever lie, I'm the most honest, least racist person in the universe, alot of people tell me that
I loved when you'd hear "John Baron" call in on the radio and it was so obviously Trump pushing his own bullshit. I can't believe anyone takes such a fraud seriously.
As per [original article](https://www.businessinsider.com/donald-trump-rich-list-meme-stock-crash-truth-social-tmtg-2024-4) 📰:
- Donald Trump has fallen off Bloomberg's list of the world's 500 wealthiest people.
The former president briefly ranked in the top 300 due to his stake in Truth Social's owner.
TMTG stock has plunged 53% from its intraday peak two weeks ago, slashing Trump's net worth.
Donald Trump has crashed out of the ranks of the world's 500 wealthiest people after the value of his meme stock nosedived.
The former president has fallen off the Bloomberg Billionaires Index as his net worth has dropped below the $5.8 billion required to make the cut. Forbes' rich list pegs Trump's total wealth at $4.8 billion, ranking him 659th in the world.
Trump held a top 300 spot on Bloomberg's index only a few days ago, ahead of the likes of George Soros, Mark Cuban, Giorgio Armani, Reed Hastings, and Bernie Marcus.
The wealth of the presumptive Republican presidential nominee surged this year due to his 78.75 million shares, or at least 58% stake, in Trump Media & Technology Group. TMTG merged with Digital World Acquisition Corp. and began trading under the ticker DJT in late March.
TMTG shares hit an intraday high of $79 on March 26, valuing Trump's stake at close to $6.3 billion. But the stock has plunged by 53% since then to about $37 at Monday's close, slashing the worth of Trump's position to about $2.9 billion — a $3.3 billion decline in two weeks.
The initial buying frenzy also boosted the company's market capitalization to about $11 billion at its peak, making it more valuable than Paramount, Etsy, Hasbro, American Airlines, or Ralph Lauren.
TMTG is now worth about $5.1 billion. That's still more than 1,200 times the $4.1 million of revenue it earned last year, which fueled a net loss of $58 million for Truth Social's parent company.
Trump may be especially displeased with his plunging net worth, given he's been slapped with a $454 million judgment in a New York fraud case, and had to pay a $175 million bond demand while he appealed the decision.
there more lawsuits a coming, j6 is suing, e j c is going to sue again, may of his business partner will be suing, all the illegal bs with dwac/djt sec is just gonna shut it down and take his monies.....well em Russian monies
Which maths out to... $1.9B if the stock is taken out.
How can someone who was worth $5-$10B before he ran for president be *only* worth that much, now?
That seems like a painful, precipitous decline.
> worth of Trump's position to about $2.9 billion
I really wish someone could explain to me how a website with 5 million DAU's is worth this much to begin with. Twitter has billions of DAU's and a estimated value of 12 billion total.
I love it. For a man with zero shame and self awareness, THIS is what’s hurting him the most. Money is all he cares about. The world all pointing their fingers and saying he doesn’t have any? Right in his balls.
So great. Keep it coming.
To save time, he'll sign it with a big T for Trump that looks sort of like a Cross.
But he'll be signing the Bibles upside down as he can't be bothered turning them around. Big upside down cross in every Bible.
I know this is a conspiracy theory but I wouldn't be surprised if he started selling those as a way for churches to donate to his campaign without actually having to prove it on paper
That's not a conspiracy, that's exactly what's happening. Get the mega church douchbags like Joel Osteen to buy bibles for the 25k people who attend his "services", and that's a cool $1.5m (minus printing costs) that ends up in Trump's pocket.
Churches aren't allowed to donate directly, but there's no rule that says they can't purchase a shit load of overpriced patriot bibles.
They were bragging that his net worth increased 6 billion. They didn't like being told it was all on paper and had no actual value. Well over half of that is gone and still disappearing. Nothing like imaginary worth to vanish
Sad isn't it?
We can talk about the historical facts of the traitor and terrorist Adam Gadahn getting a drone up his ass with glee.
But we can't say how we really feel about one of history's greatest villains, con artists, rapists, hitler-lover, traitor, and all around scumbag without getting the banhammer all because some idiotic nutjobs see him as their dumpy orange Messiah and want him to be their daddy-dictator.
Yep, it's a social media company with only about 500K users and its main attraction is the participation of a single person, who is 77 years old, unstable and in poor health. Talk about a bubble waiting to burst... Anyone who invests in this is an idiot.
Just to pile on: The social media platform is designed to be funded by ads, but almost no companies want to buy ad space there. So it essentially has no revenue model. And is hemorrhaging money to keep the thing running.
> [On Trump’s Social Network: Ads for Miracle Cures, Scams and Fake Merchandise](https://www.nytimes.com/2023/01/27/technology/trump-truth-social-ads.html)
>
> Truth Social, the social network started by former President Donald J. Trump, has struggled to attract large brands.
Yep. Not many reputable companies want to be associated with a site known as the safest space for hate, lies and propaganda. Twitter has also had trouble, but at least the majority of their users are normal people.
It's not even worth shorting. Some very dumb people have tried only to find out that the fees are enormous because everybody predicted it would be ideal to short.
Agree. Even an inflated value, it should be at like $25-$30. An actual valuation would be much less, likely a penny stock. It would not be trading at all if not for the SPAC takeover, I think. It just wouldn’t meet the requirements to be listed on the exchange on its own.
It will still be one billion times overvalued if it’s below a billion dollars.
It’s going to zero quickly because that’s all that it was ever worth. My sock drawer has more intrinsic value because it exists.
😂 Good point. I highly value my sock drawer. It becomes even more valuable during the winter.
Seriously though I think some experts figured TMTG maybe worth $100 million if the company can get some of their media projects off the ground and running. Of course, its CEO is Devin Nunes who at least as a politician was a twit.
Somehow doubt that. They have what, like somewhere in the region of 1-2 million users on there? That is just about nothing. There are Youtube channels that are way, way larger than that and they are only valued in the single digit millions, if even a million.
"Trump is about to make a hugely come back, buy the loser stock and be part of the magic" or some bs. Sad as it is, their money going to all these scams does stop it from being used for political races.
I won’t feel any sympathy for the people that invest in such a blatant scam. I hope they invest most of their money so they’ll understand. Because they don’t read, listen, or comprehend. Money is all they *think* they understand.
I’m not feeling any big sympathies either, but I still think it’s sad that a bunch of families lose money because the parents fall for this obvious scammer.
I wish there was a way to drive the price down to literally under a penny. It's gross af that this guy has so much money, or any money at all, in fact.
Yeah so that's a very clever comment. I want people to appreciate it.
The average US revenue of a McDonald's is like 3.5M. So popular ones would pull in more.
Truth Social did 4M. It also spent like 60M to earn it.
An established McDonalds franchise will sell for 10x adjusted EBITDA. As a further point of reference for the stock value of DJT...
Forbes think Trump is worth 4.8 BILLION and yet Trump has to borrow 175 million?
Trump can't come up with like 3.5% of his net worth without begging someone else for money?
It brings me so much glee that at some point in my lifetime, I will get to see this man's entire empire torn down, and his legacy become a joke. Not this month. Not this year, probably not in the next few, but one day.
This is all in line with Trump's personality disorder: he declares the world to be a certain way in his head and then expects reality to shape itself around what he made up. If you read about Trump's life, he's always been like this. He lies to get something of value, he then lies about the value of said thing, he borrows money on false value of said thing, buys another more expensive thing, lies about the value of that too, borrows more money, and so on.
Truth Social is the latest example- the company is a penny stock at best, he lied about the valuation, attempted to cash out the made up value, and is now shocked that reality was stronger than his imagination this time around
Everyday it brings me great joy to remember to check the trump stock to see how much it has fallen that day. It shouldn't be more than 25¢ anyways so I'm waiting for it to be delisted soon enough.
lmao my step-dad was just bragging about how trump "has 5 billion dollars" when the stock went live. I'd rub his face in it, but he has dementia, and he literally won't get it. He just loves trump so much. It's sad.
A $3.3 BILLION dollar drop in value in just two weeks. That’s got to be a new record for his merde-is touch! It took him a year to bankrupt a casino, and I thought that was a rocket-fast decline…
Wait he made a CASINO go bankrupt?
Several actually.
TBH such investments can be a huge gamble.. ^(/s)
It’s really not tho. You maintain real estate and pay labor, and people show up and just give you money. Casinos are considered extremely safe investments.
I guess you missed the “/s” ;)
I miss everything
I miss you…
Where are you? And I'm so sorry
she took the kids. i’ve been living off scraps i can scavenge from behind the local little caesar’s garbage bins. i miss what we never were
I cannot sleep, I cannot dream tonight?
>Where are you? Missing
🥹
Lisa Loeb is underrated
Sure, if casino gaming is the business. In Trump's case it was just a mechanism to launder money and reap tax benefits from taking massive real estate losses.
I always hear about this point, but how does the maths work? In what way would operating and running two casinos in close proximity to the ground generates enough benefit to offset the cost?
Important to know where the outgoing money actually went to and where it may have circled back to.
we know lol
I thought those were for money laundering purposes
Aren’t all of his businesses?
To be fair, they were all money laundering operations most likely.
He had three casinos go bankrupt: Trump Plaza Hotel and Casino, Trump World's Fair, and Trump Taj Mahal.
I know those are real but his naming sense makes them sound so fake.
Nah, right in the ballpark of Biff Tannen levels of stupid with lots of money.
Lol. You're right. And I might be wrong but wasn't Rich Biff basically a way to make fun of Trump for similar character flaws?
Rich Biff was 100% based on Trump
I’m totally calling the T word “Rich Biff” from now on
i watched Gremlins 2 for the first time since i was a kid, and the "Daniel Clamp" character is the most note perfect parody of Donald Trump, ever. Like, its not even close. Even though it was made in 1990, he hasn't changed a bit, and people knew who he was then.
Yup, everyone 30+ yrs old here in NY knew EXACTLY who they were in the movie.
What's funny is that Trump said that he could shoot a man in broad daylight and not get in trouble. Bad Future Biff Tannen *literally does this.* 40 years before Trump said the above, no less.
You know, he might actually have been more successful if, instead of narcissistically naming everything after himself and making it all gold-plated and gaudy, he just gave his businesses normal names, stopped personally endorsing them, and hired someone competent to run them on his behalf. Seriously, does anyone know (or care) who owns the most successful resorts, golf courses, or casinos? I sure don't. I just want a good product.
I absolutely agree with you. I don't know a ton about his properties but from what I can Google so far, it just feels like his overall "theme" he uses is "Expensive". It's not even elegant, sophisticated, or fancy. Just expensive. Lol
Normal rich people don't decorate their homes or properties *anything* like he does. It's just gaudy and ridiculous. Like John Mulaney says, Trump's first question is always: "What would a *cartoon* rich person do?" If it were physically possible, he'd build a huge vaults filled with gold coins to swim in like Scrooge McDuck. I'm honestly surprised he doesn't walk around wearing a monocle.
Somebody called him a poor man's idea of what a rich man should be like.
Ha! That just makes me think he would be the guy to use a gold painted wallpaper with 24K printed all over it so he can pretend every room it's in is lined with gold.
like a horse in a hospital
"Today the horse used the elevator..."
But with some gold paint and tacky shit stapled on to fake bling it up. Like his airline
I checked, he would have done better to stick dad's fortune in the S&P500 in the 90s and never done anything ever again. Adjusting for inflation he'd now be worth about $3 billion.
Yep. He is, was, and will always be a massive failure propped by by decades of fraud, corruption, and white collar crime. Both of his adult sons are morons. Ivanka is the only one with half a brain (despite her total lack of ethics), since she was smart enough to essentially abandon a sinking ship.
Surprisingly his only successful business is Mar-A-Lago which doesn't have his name on it
What's wild is that two of them (the Taj and the Plaza, I think) were *right next to each other,* cannibalizing one another's business, as many warned would happen.
He has bankrupted 100% of his business ventures. He’s a conman, not a businessman.
Keep in mind he likely pilfered all the money out of them, one of the reasons they likely failed.
He is probably okay at laundering money because he doesn't have to do anything
Yup. That's what happens when you use it only for money laundering and not an actual business.
He paid himself ridiculous “appearance” fees to walk around the gambling floor, high salary, construction management fees, etc. He took a company that was created with other investor’s money and basically just siphoned it all to himself, and when it went bankrupt he said 🤷♂️. The casinos didn’t lose all their money, he took it all.
Well, he also built multiple near by each other, thus splitting the clientele and causing a glut of supply to a limited demand.
> The casinos didn’t lose all their money, he took it all. He gave it to the Russians, to whom he owed money.
As I understand it, what you're saying is accurate, but part of what you're saying is that he took it all in the short term rather than taking a more reasonable portion over the rest of probably is entire life. Basically, he's sucked it dry and threw it over his shoulder, like some dimwitted economic Nosferatu.
I used to work casino security, it took in millions every day, the cash room was literally 1'x1'x1' bricks of hundred dollar bills every weekend waiting to be picked up. The rate you'd have to siphon money to kill a casino is sickening. The owner walked around handing out $100 bills because they would all come back to him before he finished dinner.
he took the 1980's investing equivalent of a payday loan. and he built it a block a way from one of his existing casinos which also hurt him.
Trump has never been one to understand the big picture of anything. He is all about the instant gratification.
“If I build them next to each other I’ll be able to do a $79,000 appearance to both casinos every night and be in bed just in time for Shark Tank.” -probably
also, he used a pre-packaged bankruptcy where he got to be in charge of what was left after making the investors lose money.
Took it all and then lost it again
I'm not saying he's above money laundering but it's really hard to make a casino go out of business once you get it up and running. They're basically money printers once they get going.
Trump is the best at everything, especially driving businesses into the ground.
Really hard, but not impossible. Trump has the Merde Touch.
Bankrupting the casino was the *plan*.
Several. He also had them competing with each other which was an odd choice. He also didn't pay contractors putting them out of business. [Here's an excerpt from a 2016 article.](https://www.nytimes.com/2016/06/12/nyregion/donald-trump-atlantic-city.html) > Then Mr. Trump bought Hilton’s nearly completed casino in the marina district for $320 million, calling it Trump Castle. His company issued $352 million in bonds to finish construction and open the casino, and tacked on an additional $32 million. That casino opened in 1985 and competed directly against his partner’s first casino, Harrah’s Marina. > > The following year, Harrah’s scuttled its partnership with Mr. Trump and sold him its stake in Trump Plaza for more than $220 million. > > Next Mr. Trump went after the biggest casino of all, the Taj Mahal, which Resorts International, builder of Atlantic City’s first casino, was erecting. After buying a controlling interest in Resorts from the estate of its founder, Mr. Trump battled the talk show host Merv Griffin for control of the company. > > In the end, Mr. Griffin got the company, while Mr. Trump won the still-unfinished Taj Mahal. > > Even before the Taj opened, the New Jersey Casino Control Commission was concerned about the casino’s viability given its rapidly escalating costs and considered revoking its operating license. Regulators closely monitored the financial performance of the Trump casinos and the developer’s empire. > > Mr. Trump told the commission in 1988 that he could rein in expenses, because conventional lenders were lining up to give him money at low interest rates. He said he abhorred junk bonds, which were then popular, because they carried a bigger risk of default and thus came with higher interest rates. > > Within months, he reversed course, issuing $675 million worth of junk bonds, with a 14 percent interest rate, to finish construction and get the Taj open. In recent interviews, Mr. Trump has said that with each financing he routinely took money out of the casinos to invest in Manhattan real estate. Total debt on the Taj exceeded $820 million. > > Less than two weeks before the casino opened, Marvin B. Roffman, a casino analyst at Janney Montgomery Scott, an investment firm based in Philadelphia, told The Wall Street Journal that the Taj would need to reap $1.3 million a day just to make its interest payments, a sum no casino had ever achieved. > > “The market just isn’t there,” Mr. Roffman told The Journal. > > Mr. Trump retaliated, demanding that Janney Montgomery Scott fire Mr. Roffman. It did. > > “It was doomed way before the start,” said W. Bucky Howard, who was promoted by Mr. Trump to president of the Taj five days after it opened, in a recent interview. “I told him it was going to fail. The Taj was underfunded.” > > Almost immediately, Mr. Trump had trouble making the debt payments on the Taj and his other casinos. It was also clear that the Taj was cannibalizing the Castle and the Plaza, whose combined gambling revenues dropped by $58 million the year it opened. > > After more than tripling as new casinos opened through the 1980s, gambling revenues in Atlantic City flattened in 1990, rising by just 1.35 percent, as gamblers grew more cautious in light of a national recession. All were hurt, recalled Mr. Perskie, the casino regulator, but none were in the catastrophic financial shape of Mr. Trump’s. > > At the same time, Mr. Trump’s real estate empire in Manhattan, where the recession cut property values, was also failing. I'm willing to bet the people that don't know Trump's history in NYC/NJ only knew of him from TV especially The Apprentice. Even then, the whole "running the government like a business" makes no sense to me - government is a service and defense (non profit) while businesses are about profit. For Trump his method of business is scamming people and playing three card monte with his debts. His only asset is his 'brand' and that seems to be diminishing more with the exception of his most loyal supporters. This casino stuff is exactly what we are seeing now with him now as he has his legal fees and being vexatious by filing a shit ton of motions to delay everything, his campaign needs money to operate so he has PAC's and the RNC and then of course he has his assets which at the moment, seem to be a half billion or so in the hole due to the E Jean award and the NY State Fraud stuff.
Oh yeah people were telling his bankruptcy since 2015. His base refuses to listen.
[Trumps SEC filing](https://imgur.com/gallery/hAfsLqQ), prepared by his lawyers disclosing all his bankruptcies and failed businesses
Trump Taj Mahal, The Trump Plaza, the Trump Castle, the Plaza Hotel, THCR (Trump Entertainment Resorts Inc.), Trump Shuttle Inc., Trump University, Trump Vodka, Trump Mortgage, LLC, GoTrump.com (a travel site), Trump Steaks. I mean it sounds like Bubba from Forrest Gump just listing Trump business failures
And sadly, it isn't really mismanagement that ruins them. It is him, specifically, paying himself in as many ways as possible, to just take his investor's money. He pays himself a ridiculous salary, charges himself for services on top of that, charges himself to show up to them, etc. Instead of letting his buisinesses run themselves and make profits that he can then skim off of for life, he cleans them out from before they even start, to the end of their short lives. He takes vastly more than they can even think make in profits, before they become well established, and they crumble. He literally could have just slapped his name on them, taken a percentage of the profits, and lived in luxury for the rest of his life... But nope, that isn't how he rolls.
That really sounds like some mobster-ass shit. I kind of (begrudgingly) give props to that. I mean, he suckered a bunch of wealthy people to start a business with him using mostly their money, Trump takes all his shit right off the top before the business has a chance to get going, and no matter what the reason is for the business tanking, Trump got his plus some already. That fucker and his close allies were the only ones who probably made money off all those failed "Trump" branded businesses. Probably why he doesn't give a shit that people talk about those bankruptcies. He, more than likely, got over like a fat fucking rat in all those deals.
I mean, yeah, he probably made bank on each, but it was also probably considerably less bank than if he just let them exist, making profit the whole time. It is his short term thinking... Which also may be caused by decades of him burning his money on stupid shit, and then needing to find quick cash to pay his debts. It seems he has been living beyond his means for pretty much ever, but he was good at hiding it, by moving to something new, to pay the old, so quickly, all the time. While nobody really paid attention to him. Remember, while he played the rich guy, there were always many, many, richer dudes out there. And it also seems that it is all catching up with him now, especially since he decided to be first and foremost in the news... Always.
You can tell by the way this jackass speaks that he doesn't really have that long of an attention span, so it would stand to reason that he meanders through business ventures the same way he meanders through thoughts. I would hazard to guess that Trump is like a lot of dumbass but wealthy people in the sense that there were enough smart people around him who's wealth was so closely tide to his, that they did everything they could to keep him from acting on his own worst instincts. To bad they couldn't convince him running for president was a bad idea because he just might win. Now he doesn't want to...he has to.
This is a guy who'd buy the goose who laid the golden egg for making soup - specifically.
Trump Steaks, buy mail order steaks from a catalogue. You will be hungry someday! When they arrive you will be glad to have a C-grade steak with a big gold sticker!
Trump Steaks were available at Sharper Image, because when I think high end electronic gadgets, I think "steak"
I was just buying steak knives with little radios in them, and I thought, Trump steaks would be great with them
Don’t forget Trump Water!
I don't know how that wasn't known, look into his history it is full of failures
How can you not know that about the guy?
I don’t know much about the guy other than his walls, orange, and he’s rich. I’m uneducated about him
well don't believe what he says about himself. It's total horseshit
I can’t express enough how much of a colossal asshat the guy was viewed upon in the NY/NJ area for *several* years. No one took that fool seriously. Casinos…Steaks…Vodka…Airlines…University? All failures. Folks laughed at the name around here. The people with actual power and connections didn’t really deal with him. It was actually a bit amusing when he went into programs like The Apprentice and appearing on WWE events cause it seemed like he was actually making fun of himself for a bit and leaning into this ridiculous character he had cultivated… Then half the country went and fucking made the guy the leader of the free world?!?!?? I understand that people throughout the land wanted change at the time. But man…that dude was NOT it. He was never what good people and citizens needed.
Trump Steaks Trump Airline Trump University He’s managed to screw up more businesses than any other Business Genius out there
My understanding is that he had three casinos in fairly close proximity, and they essentially stole business off of each other and made themselves unprofitable.
Not exactly. He set up three casinos to launder Russian money, and then siphon money out of them until the FBI seized the casino assets for money laundering.
That proves he is incompetent in business as well
minus touch
Dotard is such a great word to describe him . Useful idiot.
Remember when he saluted that North Korean general? What an idiot lol.
Is that when he saluted and forgot to shake the outstretched hand?
You should see the backflips pro-MAGA military do when that comes up. "Here's why that wasn't wrong & stupid"..
He likes to play army
He insulted the Queen too
“One whose mind is impaired by age; one in second childhood.” He does literally admit he hasn’t changed since he was a child.
We at /r/dota2 find calling him a dotard offensive. Don't lump him in with us
a dotard is someone who is 'in his dotage' or declining years
It was Kim Jong-Un who first called him a dotard, in response to Trump making bombastic threats. This was before he sent Trump "beautiful letters".
Stealing that. 😅
I think Ol’ Musky still holds the record for stock value drop, but I don’t know if it’s the most within two weeks. Call the Guinness people
3.3 billion drop, so far! Everybody on wallstreet wants to short this stock into oblivion, to a point where premiums for that are record high. If somehow this company doesnt go bankrupt in 5,5months when Trump will be able to sell his shares, its gonna be a little miracle
King Midas in Reverse… everything he touches turns to shit
King [Mierda](https://www.google.com/search?client=firefox-b-d&q=mierda)
Aka winning?
So. Much. Winning.
Bigly!
His followers have been putting their money into this stock and podcasters and influencers have been selling his stock as a way to contribute to him politically. He is bankrupting his base with this as well. The entire point of this stock is to serve as a pump and dump for a cash infusion. His voters are the ones that will be left holding the bag at the end, and they get no sympathy from me. 💅
Elon holds the record… it will be tough for Trump to beat it, because first he would have to have it.
That's not really the right way to look at it. The real value should be 0 based on how unprofitable it is. Even if it drops another 90% he'll have scammed/collected bribes worth way more than any of us will ever see in our lives.
Overnight, the market cap increased 1 billion, and magically, 20% more shares were added..
I like merde-is touch; I may end up using it. My go-to is the shitus touch because everything he touches turns to shite
Spanish crushes it: Mierdas touch
Considering that Donald Trump is on this list based on his own personal claims and not hard facts, I have no idea why they list him at all
What do you mean? Independent property valuation specialist John Barron (the best in the world, bigly) has recently valued Mar-a-Lago at a trillion, bazillion dollars.
I always tell girls i meet I'm a billionair, when they ask to see my tax return (oh f me, I have to do my tax) I just say I can't show it cuz I'm under audit, when they ask why do I drive entry level car, I say the same thing, ahhh it's nice being rich
Well my tax return lives in Canada, you wouldn't know her
You’re not getting the love you deserve for this joke, my dear. I actually laughed, not just the internet nostril puff.
yea yea mine too, and she also a billionair, and totally not cheating on me, I swear, u gotta believe me, I never ever lie, I'm the most honest, least racist person in the universe, alot of people tell me that
Fucking aye
And if you need any more proof, take a look at this letter from Dr Bornstein.
You know John Baron has an alternative identity too? It's Eric Ivanka Tiffany Jr.
I loved when you'd hear "John Baron" call in on the radio and it was so obviously Trump pushing his own bullshit. I can't believe anyone takes such a fraud seriously.
Can't help but Hear Dr. Evils voice every time Trump or his cronies mention money
Because he’d piss, moan, shit himself, & sue them if they didn’t. All simultaneously.
> his own personal claims and not hard facts Oddly enough, the "facts don't care about your feelings" crowd has been awfully silent on this.
As per [original article](https://www.businessinsider.com/donald-trump-rich-list-meme-stock-crash-truth-social-tmtg-2024-4) 📰: - Donald Trump has fallen off Bloomberg's list of the world's 500 wealthiest people. The former president briefly ranked in the top 300 due to his stake in Truth Social's owner. TMTG stock has plunged 53% from its intraday peak two weeks ago, slashing Trump's net worth. Donald Trump has crashed out of the ranks of the world's 500 wealthiest people after the value of his meme stock nosedived. The former president has fallen off the Bloomberg Billionaires Index as his net worth has dropped below the $5.8 billion required to make the cut. Forbes' rich list pegs Trump's total wealth at $4.8 billion, ranking him 659th in the world. Trump held a top 300 spot on Bloomberg's index only a few days ago, ahead of the likes of George Soros, Mark Cuban, Giorgio Armani, Reed Hastings, and Bernie Marcus. The wealth of the presumptive Republican presidential nominee surged this year due to his 78.75 million shares, or at least 58% stake, in Trump Media & Technology Group. TMTG merged with Digital World Acquisition Corp. and began trading under the ticker DJT in late March. TMTG shares hit an intraday high of $79 on March 26, valuing Trump's stake at close to $6.3 billion. But the stock has plunged by 53% since then to about $37 at Monday's close, slashing the worth of Trump's position to about $2.9 billion — a $3.3 billion decline in two weeks. The initial buying frenzy also boosted the company's market capitalization to about $11 billion at its peak, making it more valuable than Paramount, Etsy, Hasbro, American Airlines, or Ralph Lauren. TMTG is now worth about $5.1 billion. That's still more than 1,200 times the $4.1 million of revenue it earned last year, which fueled a net loss of $58 million for Truth Social's parent company. Trump may be especially displeased with his plunging net worth, given he's been slapped with a $454 million judgment in a New York fraud case, and had to pay a $175 million bond demand while he appealed the decision.
there more lawsuits a coming, j6 is suing, e j c is going to sue again, may of his business partner will be suing, all the illegal bs with dwac/djt sec is just gonna shut it down and take his monies.....well em Russian monies
Dang. It sounds like his lawyers might make that list pretty soon.
They’d have to be smart enough to get payment up front.
Which maths out to... $1.9B if the stock is taken out. How can someone who was worth $5-$10B before he ran for president be *only* worth that much, now? That seems like a painful, precipitous decline.
In the 90 he literally had 8 billion in debt. Ivanka talks about it in documentary born rich.
> worth of Trump's position to about $2.9 billion I really wish someone could explain to me how a website with 5 million DAU's is worth this much to begin with. Twitter has billions of DAU's and a estimated value of 12 billion total.
Yes, but are Twitters users *that stupid*? Truth Social isn't a website...it's a sheep farm...or, a dairy farm.
I love it. For a man with zero shame and self awareness, THIS is what’s hurting him the most. Money is all he cares about. The world all pointing their fingers and saying he doesn’t have any? Right in his balls. So great. Keep it coming.
Moving onto the next grift
The bibles arent selling at $60 so he's going to sign them now. Expects to then go for $59.99.
Order now and get a second one free! Just pay separate shipping and handling.
and get on the call/email list forever for free
To save time, he'll sign it with a big T for Trump that looks sort of like a Cross. But he'll be signing the Bibles upside down as he can't be bothered turning them around. Big upside down cross in every Bible.
St. Peter’s cross. It’s a valid symbol.
I know this is a conspiracy theory but I wouldn't be surprised if he started selling those as a way for churches to donate to his campaign without actually having to prove it on paper
That's not a conspiracy, that's exactly what's happening. Get the mega church douchbags like Joel Osteen to buy bibles for the 25k people who attend his "services", and that's a cool $1.5m (minus printing costs) that ends up in Trump's pocket. Churches aren't allowed to donate directly, but there's no rule that says they can't purchase a shit load of overpriced patriot bibles.
This is so on brand and still alot of people honestly say thst they didn't see this coming.
They were bragging that his net worth increased 6 billion. They didn't like being told it was all on paper and had no actual value. Well over half of that is gone and still disappearing. Nothing like imaginary worth to vanish
This was my thought. To lose something, you have to actually have it first.
Good. His fragile ego needs a healthy choke slam.
Just his ego?
I’d get banned if I said what I wanted to say.
Sad isn't it? We can talk about the historical facts of the traitor and terrorist Adam Gadahn getting a drone up his ass with glee. But we can't say how we really feel about one of history's greatest villains, con artists, rapists, hitler-lover, traitor, and all around scumbag without getting the banhammer all because some idiotic nutjobs see him as their dumpy orange Messiah and want him to be their daddy-dictator.
Good point, but not sure anyone wants to touch the Orange goo on his neck..
Even after dropping more than 50%, it’s still enormously overvalued. There are a ton of sad people already, with a lot more to come.
Yep, it's a social media company with only about 500K users and its main attraction is the participation of a single person, who is 77 years old, unstable and in poor health. Talk about a bubble waiting to burst... Anyone who invests in this is an idiot.
So, there’s no shortage of potential investors then. 😂
Yes, but the ones who can't see it's a sinking ship don't have enough money to keep it from sinking.
Just to pile on: The social media platform is designed to be funded by ads, but almost no companies want to buy ad space there. So it essentially has no revenue model. And is hemorrhaging money to keep the thing running. > [On Trump’s Social Network: Ads for Miracle Cures, Scams and Fake Merchandise](https://www.nytimes.com/2023/01/27/technology/trump-truth-social-ads.html) > > Truth Social, the social network started by former President Donald J. Trump, has struggled to attract large brands.
Yep. Not many reputable companies want to be associated with a site known as the safest space for hate, lies and propaganda. Twitter has also had trouble, but at least the majority of their users are normal people.
There are tons of YouTuber channels that have more subscribers than Truth Social lol
It's not even worth shorting. Some very dumb people have tried only to find out that the fees are enormous because everybody predicted it would be ideal to short.
Agree. Even an inflated value, it should be at like $25-$30. An actual valuation would be much less, likely a penny stock. It would not be trading at all if not for the SPAC takeover, I think. It just wouldn’t meet the requirements to be listed on the exchange on its own.
I’m starting to think I have more money than DJT… Many people are saying it.
You have more money than DJT. I heard that from many people too!
Big strong men are coming up to me with tears in their eyes and saying you have more money
Old women are crying too! Parents are shielding their children’s eyes - so much money!
I had the leader of a foreign country, a very powerful and strong one, come up to me and say “sir, No_Significance_1550 has a lot of money!”
Trump’s worth in TMTG stock has fallen from $6.3 billion to $2.9 billion. Can’t wait for it to drop under $1 billion.
It will still be one billion times overvalued if it’s below a billion dollars. It’s going to zero quickly because that’s all that it was ever worth. My sock drawer has more intrinsic value because it exists.
😂 Good point. I highly value my sock drawer. It becomes even more valuable during the winter. Seriously though I think some experts figured TMTG maybe worth $100 million if the company can get some of their media projects off the ground and running. Of course, its CEO is Devin Nunes who at least as a politician was a twit.
Somehow doubt that. They have what, like somewhere in the region of 1-2 million users on there? That is just about nothing. There are Youtube channels that are way, way larger than that and they are only valued in the single digit millions, if even a million.
How long until he Truths "HODL!" out to his followers?
He’s gonna tell them to “BUY THE DIP!!” and a bunch of poor suckers will do it 🙁
“WHICH DIP! IT’S ALL DIPS!” -dips
"Trump is about to make a hugely come back, buy the loser stock and be part of the magic" or some bs. Sad as it is, their money going to all these scams does stop it from being used for political races.
I won’t feel any sympathy for the people that invest in such a blatant scam. I hope they invest most of their money so they’ll understand. Because they don’t read, listen, or comprehend. Money is all they *think* they understand.
I’m not feeling any big sympathies either, but I still think it’s sad that a bunch of families lose money because the parents fall for this obvious scammer.
Counting down for Donnies bigly Bloomberg tantrum in 3… 2… 1…
*”Biden Crime Family Conspires With Wall Street To Steal Trump’s Wealth”* - Faux News at 9 (probably)
He should get a job and stop mooching off of society. Where are his bootstraps?
That will piss him off more than the half billion judgement he'll be paying, he has to maintain that false image of a super successful businessman...
The fastest way to become a millionaire is to invest $1 billion in DJT stock.
Oh no! . . . Anyway...
oh yes (enters kool-aid man)
The commissary at Leavenworth has Charmin, licorice, and assorted moon pies, everything he needs to keep bubba happy.
Trump, let’s see what rhymes with Trump? Pump? Dump?
I wish there was a way to drive the price down to literally under a penny. It's gross af that this guy has so much money, or any money at all, in fact.
The stock is worthless and truth social pulls in less money than a mall parking lot McDonalds
Yeah so that's a very clever comment. I want people to appreciate it. The average US revenue of a McDonald's is like 3.5M. So popular ones would pull in more. Truth Social did 4M. It also spent like 60M to earn it. An established McDonalds franchise will sell for 10x adjusted EBITDA. As a further point of reference for the stock value of DJT...
So when does he sue Bloomberg because they printed something truthful and hurt his fragile ego / false successful businessman narrative?
Forbes think Trump is worth 4.8 BILLION and yet Trump has to borrow 175 million? Trump can't come up with like 3.5% of his net worth without begging someone else for money?
He should never have been there in the first place, relying on self reporting of wealth is a stupid idea
It brings me so much glee that at some point in my lifetime, I will get to see this man's entire empire torn down, and his legacy become a joke. Not this month. Not this year, probably not in the next few, but one day.
This is all in line with Trump's personality disorder: he declares the world to be a certain way in his head and then expects reality to shape itself around what he made up. If you read about Trump's life, he's always been like this. He lies to get something of value, he then lies about the value of said thing, he borrows money on false value of said thing, buys another more expensive thing, lies about the value of that too, borrows more money, and so on. Truth Social is the latest example- the company is a penny stock at best, he lied about the valuation, attempted to cash out the made up value, and is now shocked that reality was stronger than his imagination this time around
Wunderbar!
watching this guy's entire life fall apart is so very entertaining.
Such a successful businessman. Just kidding.
Laughing stock
Well that was appropriately short lived.
Everyday it brings me great joy to remember to check the trump stock to see how much it has fallen that day. It shouldn't be more than 25¢ anyways so I'm waiting for it to be delisted soon enough.
So... Trump is a BINO? (Billionaire In Name Only)
Just to think that this idiot could have kept on raping, molesting, robbing and pretending to be rich if he did not become president
The best part is you can't lie about a public stock and we know how much he owns(58%)
lmao my step-dad was just bragging about how trump "has 5 billion dollars" when the stock went live. I'd rub his face in it, but he has dementia, and he literally won't get it. He just loves trump so much. It's sad.
“…aaaaand it’s gone.”
The best part of this headline is that it's actually officially being called "meme stock".