President Trump has insisted without evidence that he is worth more than $10 billion, but as his New York towers fail to hit their appraisal expectations, Bloomberg Politics writes the president's net worth has slipped to $2.9 billion from Bloomberg's calculation of $3 billion last year.
The decrease is driven mostly by a drop in the value of three office properties in Manhattan, where financial data compiled by Trump's lenders offer a consistent picture: They're underperforming appraisals conducted when Trump was issued loans. The buildings — 40 Wall Street, Trump Tower, and 1290 Avenue of the Americas, a tower in which Trump holds a 30 percent stake — are victims of a changing New York office market, where gleaming new skyscrapers are attracting tenants and demand for space in vintage properties is falling. [Bloomberg Politics]
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