Despite impeachment acquittal, Donald Trump's financial problems continue

Having left the White House and escaped conviction in a second impeachment trial, Donald Trump is getting back to business. However, while he may have had luck in politics, his finances are in worse shape. Due to the nature of his investments (hotels, golf clubs, etc.), the pandemic has hit his accounts hard. In addition, the riots on Capitol Hill caused several financial institutions to break with Donald Trump. What's his financial situation?

The graffiti in the picture (on a street in the Roman district of Trastevere) calls Trump a loser. That's the worst adjective to read for someone as competitive as he is. But the truth is that media networks such as CNN estimate that his businesses have produced 40% less revenue for 2020.

According to various American media, the Trump financial empire is rife with debt. The New York Times claims that there are outstanding loans on Trump Tower (100 million dollars), the Washington hotel (170 million) and the Trump National Coral golf club in Miami (125 million). He allegedly has similar debts on his San Francisco skyscraper and the building at 1290 Avenue of the Americas in New York.

The New York Times also notes that Donald Trump's golf courses in Scotland and Ireland have run with losses for years.

Some media have estimated that Trump's businesses could have up to $1 billion in debts, loans and mortgages. The crisis caused by COVID-19 leaves Trump's financial commitment to the luxury hotel and leisure sector in a very complicated situation.

To the economic crisis caused by the pandemic, one may add the reactions of some banking institutions to the riots in Washington DC. The impression that Trump encouraged the violence caused some of his financial enablers to break with him. At least that's what Deutsche Bank did, according to 'Politico'. The bank, at which he had various loans, withdrew its support from Trump. Other banks have gone in the same direction.

Although he has always cultivated an image of a winner, the truth is that Donald Trump has not been a businessman with winning numbers. At least, not always.

Read more: the making of Trump, inc

According to financial journalist Rick Newman, Donald Trump has declared bankruptcy up to six times. Other analysts put the number of bankruptcies he declared for his businesses at five. In any case, Trump has resorted to bankruptcy more than once to save his own bank account. Companies like the Taj Mahal casino and the Plaza Hotel were among those declared bankrupt in the 1990s.

If we look at the figures offered by Forbes on Trump's personal fortune, however, the tycoon seems to have nothing to worry about. Forbes estimates his fortune at 2.5 billion euros. Not bad, but compared to 2019, he has lost approximately 600 million.

What is clear is that the polarization that Trump has encouraged in his political discourse has not been good business for him. Many financial analysts believe that when it comes to investing, money seeks reassurance. Trump is certainly not synonymous with that.

Ironically, Joe Biden can help Trump save his finances. As the ex-president's income crisis has been caused by COVID-19, Biden's aid for businesses (like Trump's casinos, hotels, and entertainment) may be of use to him. In addition, the new president is promoting the use of masks, vaccination, and the scientific battle against the virus - much more than Trump himself did. If Biden succeeds, life will return to normal and most businesses (including Trump's) will return to prosperity.

While his business ventures face a difficult time, he still has a lot of support in the streets and even backup in the Republican party, which has already started fundraising off of his acquittal in the second impeachment trial. There are thousands of Americans loyal to an ex-president whom they consider their best leader. Will that leadership endure or will it fade away?

One thing is certain: Donald Trump will continue to be at the center of attention. Both his career as a businessman and his political triumph have always built on unbridled media exposure: he appeared in films, starred in a television program ('The Apprentice') and stirred up controversy on Twitter. Will all this be enough for his economic resurgence? We shall see.

Read more: Donald Trump on TV and in film