US President Donald Trump has lost $300 million in net worth in the past year. The wealth now stands at $2.7 billion, according to the Bloomberg Billionaires Index. This implies that Trump's net worth has seen an erosion of 10 per cent since he took over as America's President. He took office with a net worth of $3 billion.
Bloomberg said that it's the steepest fall since the global news agency started tracking his fortune in the year 2015. The drop is primarily due to a collapse in the value of commercial real estate. The coronavirus pandemic has also negatively impacted the real estate market in the last few months. "Full-year 2019 financials provided to his lenders showed revenue down and expenses up at his office properties well before the virus pain set in," the global news agency said.
Meanwhile, Trump, 75, is seeking re-election from the Republican party. The US president on Thursday said he intended to deliver his Republican nomination acceptance speech from the White House. Having won the GOP primaries by historic margins, he will formally be nominated by the party through its virtual convention later this month. The convention was initially scheduled to be held in Charlotte, North Carolina, but was later moved to Jacksonville, Florida, only to be cancelled again because of rising cases of the novel coronavirus.
Both the Democratic convention, where his challenger Joe Biden, 77, would be formally nominated on August 20, and the Republican convention will be held online.