It looks like Donald Trump's presidency is costing him a fortune. Reports state that the Republican president's net worth has fallen by over $1 billion ever since he launched his presidential campaign.
The Forbes magazine on Tuesday reported that Trump's ranking in Forbes 400 list has plummetted 138 spots and that his net worth, which was at $4.5 billion in 2015 is now at $3.1 billion. Trump was the 156th-wealthiest person on the Forbes list in 2016, and now he is down to 248th, according to the latest edition of the Forbes 400 which is set to be published on Wednesday.
Reports state that there are a number of factors which led to a loss on Trump's fortunes, and one of them includes that Trump owns commercial space which is being destroyed by the e-commerce industry, which is taking more than $100 million off his fortune.
There are also speculations that the Republican's brand of divisive politics has also negatively affected his resorts and golf properties, according to the New York Post. The deals Trump made by licensing his name for buildings and products owned by other companies have also reportedly suffered a loss.
Trump, before assuming his presidency, had turned over the Trump Organization's operations to his sons, Donald Trump Jr. and Eric Trump. The latter had defended his father in a statement to Forbes, saying: "My father made a tremendous sacrifice when he left a company that he spent his entire life building to go into politics."
The report stated that the presidency could eventually turn out to be profitable for him even though it has only turned out to be a loss for the billionaire.
Trump's presidential elections victory in 2016 possibly added an additional $10 million to Trump Tower's price tag in any potential sale, according to reports. Trump's exclusive Florida resort Mar-a-Lago is estimated to be worth $160 million, which is nearly $10 million more than before Trump made it his winter House House, as per reports.
Even his Boeing 757, which Trump claimed was a symbol of his success, could get him an additional $6 million, reports state.