Before running for president again, Donald Trump disclosed his finances on Friday. The records contain not only revenue.
For the first time since the end of his term in office, former US President Donald Trump disclosed his finances on Friday and, according to a report by the New York Times (NYT), stated debts totaling more than 200 million dollars (around 180 million euros).
As can be seen from the approximately 100-page published documents, Trump also states the income from his digital trading card series, the company behind his online platform Truth Social and from appearances as a speaker. The move is a prerequisite for Trump’s re-run as the Republican presidential nominee for the 2024 election.
Trump still owes Deutsche Bank $45 million
According to “NYT”, Trump’s listed debts amount to more than 200 million dollars (about 180 million euros). Trump repaid six outstanding loans after leaving office, according to NYT, including loans worth more than $50 million for Trump Tower in New York and Trump Doral, one Golf club outside of Miami. He also took out new loans for those two properties, which the report says total over $50 million each.
According to NYT, most of the loans he had received from Deutsche Bank in the past have now been paid off. Of the original $295 million that Trump once owed the bank, about $45 million now remains. His fortune is around $2.5 billion, according to an estimate by Forbes.
Trump reports little to no income from Truth Social
According to the report, revenue from Trump’s company CIC Digital LLC ranges from $100,000 to $1 million. Trump founded the company for a project with digital assets (NFTs) and uses it to sell digital trading cards. Priced at $99 each, the images show the Republican in a variety of poses, including cowboy, astronaut and fighter pilot. In addition, according to the documents, he earned more than five million dollars (around 4.5 million euros) with appearances as a speaker.
In the disclosure, the parent company of Trump’s online platform Truth Social, Trump Media & Technology, is valued at between $5 million and $25 million, the NYT reports. The value is well below the potential valuation of $9 billion from October 2021, when the company announced a merger with a special purpose entity. According to the US broadcaster CNN, the former president, who owns 90 percent of the company, said he received little or no income from the platform. Read more about Trump’s losses because of the social media platform Truth Social here.
Trump should do business with Oman
According to NYT, Trump is also said to be working with one of Saudi Arabia’s largest real estate companies to build a new golf and hotel complex in Oman. In the disclosure, previous payments with a value of more than five million dollars are stated. The project will be built on a hillside bordering the Gulf of Oman and will include a golf resort, villas and two hotels, a company executive said. According to NYT, the property belongs to the government of Oman, which means that Trump is essentially in a business agreement with the government there.
Trump had refused to disclose his finances for years. The US Supreme Court cleared the way for Trump’s tax returns to be released in November. The tax authority IRS subsequently handed over the documents for the years 2015 to 2020 to the Tax Policy Committee in the House of Representatives.
The documents were finally released after years of legal wrangling. Accordingly, the Republican had often paid little in taxes, despite the indication of millions in profits. In general, no sensational revelations were expected from the tax returns. However, US President Joe Biden’s Democrats were hoping for more details about Trump’s company – and in particular about possible conflicts of interest caused by foreign transactions.
