Speed Reads

dumping trump

How the Capitol riot could sink Trump's businesses

President Trump's real estate empire is crumbling along with his credibility among mainstream Republicans.

Trump has finally acknowledged he's leaving the White House next week, leaving him to rejoin the businesses he sort of, kind of distanced himself from during his presidency. But after his supporters attacked the Capitol building last week, banks, other businesses, and potentially customers will have nothing to do with him, The Wall Street Journal reports.

Trump's 2016 election, combined with his more controversial actions in office, was enough to lead to major boycotts of his hotels and resorts worldwide; They instead became a favorite of his supporters. People involved with the Trump Organization told the Journal they believed "polarized views of Trump would soften" once he left office. But with the last days of his presidency marked by a riot that left five people dead, high-profile Republicans are leaving the party and businesses are refusing to work with the Trumps ever again.

In the week since the attack, companies that ran Trump's online stores and processed his campaign's online payments have cut ties. Signature Bank, where Trump's daughter Ivanka Trump was once a board member, started closing down his personal accounts and called on the president to resign. And as multiple outlets reported Tuesday, Deutsche Bank, Trump's longtime lender, has decided not to do business with the company again. Trump owes more than $300 million to the bank that's due in the next few years, "forcing the company to refinance the debt or pay it off by potentially selling assets," the Journal writes.

Trump's business already spent the last four years selling or trying to sell some of its biggest properties, so a shriveling customer base and impending debt may only force the company to double down. Read more at The Wall Street Journal.