Politics

While Obama Made Millions off the Presidency, New Report Says Trump Lost $1.1 Billion

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Forbes reported Tuesday that the former president actually lost $1.1 billion after his presidency, causing him to fall almost 300 places from his original spot in billionaire rankings.

“From the time he entered the White House in January 2017 to his departure a few months ago, Donald Trump’s fortune fell by nearly a third, from $3.5 billion to $2.4 billion,” Forbes reporter Dan Alexander wrote. “The S&P 500, meanwhile, increased 70%.”

Alexander went on to list a number of properties Trump owns, writing that if the former president had sold them on day one, he “would have ended his presidency an estimated $1.6 billion richer than he is today.”

Throughout the piece, Alexander bashed Trump for his refusal to focus on his portfolio. In a Tuesday tweet, the reporter wrote, “If he had just listened to the ethics experts, his presidency would have been cleaner and his fortune would now be much bigger.”

It should also be noted that Trump refused to take a salary throughout his entire presidency, donating his $400,000 annual pay to various federal departments.

While it’s clear that Trump sacrificed opportunities to improve his portfolio for the sake of the country, the same cannot be said for former President Barack Obama. In fact, Obama actually profited from his office.

According to a 2018 Business Insider piece, the Obamas are worth more than 30 times their net worth entering the White House. The former president’s current net worth is a whopping $40 million. Between 2005 and the last year of his presidency, Obama reportedly made $20 million among his presidential salary, book deals and other financial endeavors.

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