Another Brand Drops Trump: Will Running for President Hurt His Net Worth?
As a billionaire and one of the more famous business rich personalities in the world, Donald Trump made waves by announcing his bid for the Republican nomination for President of the United States of America. Trump has no political experience, and it is unclear how much a corporate empire really prepares someone for politics. Judging by his controversial start, it may prove to be quite little. Just moments ago, Macy’s announced that it has severed ties with Trump and will no longer carry his menswear line.
One of the undeniable strengths Trump has is his impressive business history and ability to succeed economically, a fact that he is focussing on. According to Forbes, Donald Trump has a real-time net worth of $4.1 billion. With money like that, it’s true that he may need to rely less on donors and special interests to start, but only to start, as running for oval office is an expensive undertaking (even for the super rich). Still, he has implied that unlike his competitors, nobody “owns” Trump. “[Politicians] are controlled fully—they’re controlled fully by the lobbyists, by the donors, and by the special interests,” Trump said in his announcement speech—a speech that has come under considerable criticism for its negative remarks and lack of facts and figures.
Trump is not a politician. He is right about that. He is a business man—a very successful one. During his announcement, he promoted his business background by using his own successes to highlight his potential to beat international competitors and bring jobs back to America. He cited countries like China, Japan and Mexico. A smart political stance, that was immediately overshadowed by his comments calling Mexican immigrants “rapists” and “drug dealers.”
These remarks have cost him. Macy’s isn’t the first big brand to cut ties with him. Both NBC and Univision are refusing to air the Miss USA and Miss Universe pageants, events which are partially owned by Trump. NBC also reminded the public that he will not be coming back to The Apprentice.
Whether you support Trump or disagree with his views completely, one thing is clear: His decision to run is costing him money. Putting politics aside, how many “boycott Trumps” can he withstand? What will this journey do to the Trump empire? Only time will tell. For now, he’s ranked number two behind Jeb Bush and doesn’t appear to be backing down. In fact, he already has a $500 million lawsuit against Univision in place.