Connect with us

NET WORTH

How did Donald Trump Become a Billionaire ?

Published

on

Donald Trump Biography
Advertisements
Advertisements

US President and billionaire businessman Donald Trump loves to talk about his money.

He has told supporters “I am really rich” and “I’ve always been good at making money”.

Mr Trump values his net worth at more than $10bn (£7bn) though this has been disputed. However, exactly how much he is worth is unclear.

Advertisements

Those organisations that have looked at his finances have come up with widely differing figures.

According to Forbes his net worth is $4.5bn, Wealth-X says it is $4.4bn, while Bloomberg Billionaire’s index says it is just $2.9bn.

Mr Trump dismisses all these lower figures, saying he’s “worth much more”. The main reason for these widely differing numbers is that so much of his business holdings are private.

legacy

In October, the front-runner told voters that his father gave him a “small loan” of $1m to get started.

Trump not only got his financing but his business style from his father.

Advertisements

Fred Trump started a million dollar residential real estate business in Brooklyn and Queens. He was known for building quality – many of his buildings are still standing – and pinching every penny possible.

He typically came under-budget on government funded projects and pocketed the difference as a profit – a practice that though legal, got him called before Congress.

“Fred Trump never saw a tax [break] he didn’t take advantage of and Donald was at his elbow learning,” says Gwenda Blair, author of The Trumps.

While Donald Trump claims it was his decision to switch from building low-income housing in New York’s outer-boroughs to luxury towers in Manhattan, Ms Blair says the candidate’s father was the likely force behind the move.

Read Richest President bin the world

Advertisements

“Donald Trump relied on his father’s resources. He needed his father to co-sign his loans and relied on his banking and political connections,” says Ms Blair.

Donald trump Real estate

Mr Trump’s first big project was the Commodore Hotel, which he partnered with the Hyatt Organization to buy in 1976 for an undisclosed price, and renamed the Grand Hyatt.

Donald trump

At the time many buildings in Manhattan were facing foreclosure; the Commodore itself owed $1.5m in debt and New York was not seen as the luxury vacation spot it is today. The investment was a big risk for the young developer.

Advertisements

Using the negotiating skills he talks about so shamelessly on the campaign trail, Mr Trump convinced New York City to give the hotel a 40-year tax break that saved $160m. In 1996 he sold his half of the hotel to Hyatt for $142m.

He would continue to invest in and develop grand New York buildings, including buying the Plaza Hotel and and the former Bank of Manhattan building.

Advertisements

The company’s crown jewel is the 58-floor Trump Tower on Fifth Avenue, completed in 1983. The building is still the headquarters for the Trump Organization and Mr Trump and his family live on the building’s top floors.

Barbra Res, who served as the head of Trump Tower construction, recalls in an article for the New York Daily News, how Mr Trump was once “totally approachable and accessible”.

Over time though, she says he increasingly needed “to be coddled and agreed with”.

Building a brand

Donald Trump may claim to be a real estate mogul, but the bulk of his net worth comes from his brand value, which he began building in the 1980s.

The young businessman did regular TV interviews and was vocal during the 1988 Republican primaries.

In the 1980s the Trump Organization began to licence the Trump name to other companies, accelerating its prominence globally.

Today, many Trump brands pay licensing fees to use the name and are not owned by Trump Organization – including the Trump Ocean Club and Trump Fine Foods.

In 1987, when he published The Art of the Deal his celebrity climbed even higher.

Mr Trump solidified his reputation as a straight-talking negotiator with his decade-long run as the host of The Apprentice, where his crass remarks and public firing of potential employees, often on an apparent whim, earned him legions of fans.

Donald Trump Business Attitude

Like his father, Mr Trump has a reputation for saving every penny possible.

He has called it a smart business move to withhold payments on contracts when he does not like the work, forcing the other side to negotiate a lower rate. He told Reuters he renegotiates contracts 10% to 15% of the time.

“I fight like hell to pay as little as possible,” he said.

donald trump

Mr Trump’s “fight like hell” style has led to several well publicised legal battles. He is facing a lawsuit over Trump University and has been sued in the past by a former employee and union pension funds.

He has also used lawsuits as a tool. He sued a former Miss USA contestant for criticising the pageant he owned. He sued Deutsche Bank for refusing to give him a loan extension on a building project in Chicago.

Despite these battles he is often praised for his business sense.

Speaking on BBC Radio 4 Piers Morgan called Mr Trump a “smart guy”.

“I think from a business perspective he runs pretty good businesses and he tends to put very smart people in charge in of them,” says Mr Morgan.

Activist investor Carl Icahn – who Mr Trump has suggested would make a good treasury secretary – has said the front-runner is “a very open-mined guy”.

“He’s got a strong ego, he believes in himself and he’s willing to listen,” says Mr Icahn.

Mr Icahn took over Trump Entertainment in 2009 when the company filed for bankruptcy, forcing Mr Trump to give up all of his investment in his Atlantic City casinos.

Corporate law

Mr Trump is no stranger to the legal system.

“I used the law four times and made a tremendous thing,” he said during a debate.

By the 1990s, Mr Trump and his companies had clocked up close to $3.5bn in debt. His organization has forced lenders to cut its debt on four occasions over the last three decades.

Often the biggest concession was that Mr Trump give up part or all of his ownership, while the properties kept the Trump name – preserving the brand.

The only time Mr Trump has been personally on the line was in 1991 with the bankruptcy of the Trump Taj Mahal casino in Atlantic City.

Advertisements

He was responsible for $900m of the nearly $3bn debt owned by the casino and was forced to give up half his ownership in the company, and sell his airline and yacht.

Donald Trump Foreign ownership

Mr Trump’s dealings outside the US can be as controversial as his campaign rhetoric. He has called the Chinese cheats but brought in Chinese investors to help finance his project on New York’s west side rail yards. Mr Trump and his investors eventually sold that land for $1.8bn.

He says he loves Scotland – where his mother was born and where he owns several golf courses – but criticised the Scottish government and UK courts for allowing a wind farm to be build within view of his Balmedie golf course in Aberdeenshire.

The Trump Ocean Resort Baja Mexico was forced to settle a lawsuit with investors who spent out millions to buy condos or apartments that were never built.

As the controversy around the failed resort rose, Donald Trump pointed out the developers licensed his name and he was not responsible for the resort, despite appearing in advertising material.

Mr Trump has also been criticised for allowing the clothing brand that licenses his name to import products from Mexico, while railing against other companies that import goods to the US.

Donald trump Success

Part of what has made the Trump Organization so successful is Mr Trump’s willingness to stick his name on anything from buildings to steaks to ties.

Forbes awarded Donald Trump five out of 10 on its self-made scale, a number the publication says indicates that he “inherited a small or medium-size business and made it into a ten-digit fortune”.

Provided Mr Trump can keep his name synonymous with wealth and winning many of his business lines should do fine, but it is unclear what his bid for president will do to that image.

Advertisements
Advertisements
Advertisements

NET WORTH

Kel Mitchell Net Worth

Published

on

By

Kel Mitchel net worth
Advertisements
Advertisements

What is Kel Mitchell net worth?

Kel Mitchell is an American stand up comedian, actor, musician, singer, and rapper. He is known for his work as a regular cast member of the Nickelodeon sketch comedy series All That.

Keep reading as we bring to you Kel Mitchel net worth

Advertisements

Profile

Mitchell was born in Chicago, Illinois, and grew up on the South Side. He attended Chicago Vocational High School and took drama classes at the ETA Creative Arts Foundation. Mitchell also has two sisters, Kenyatta and Kyra. He is a convert to Christianity
Read Tyler Perry net worth

He was married to Tyisha Hampton-Mitchell for six years until their divorce in 2005. Mitchell and Hampton have two children together, a son born in 1999 and a daughter born in 2002. Mitchell married rapper Asia Lee on February 25, 2012.  

Read Top 10 Richest Black Actors in the world

Advertisements

The two have a daughter together, born in July 2017. In May 2020, Mitchell and Lee announced they were expecting their second child.

 Mitchell welcomed his fourth child, his second with Lee, in October 2020.

Advertisements

Career

Kel Mitchell along with Kenan Thompson both started their acting career both at the age of 15, in the Nickelodeon comedy sketch series, All That, from 1994 to 1999. They both also starred in the series Kenan & Kel from 1996 to 2000.

They also starred in the 1997 film, Good Burger, which grew out of one of his sketches from All That. The duo also appeared together in an episode of Sister, Sister with Tia and Tamera Mowry, four episodes of The Steve Harvey Show, and they appeared in a special two-part episode of Cousin Skeeter. They were also featured in an episode of Sabrina, the Teenage Witch.

Outside of his ventures with Kenan Thompson, Mitchell provided the voice of a mild-mannered and playful dog named T-Bone in the children’s cartoon series Clifford the Big Red Dog, alongside John Ritter, from 2000 to 2003.

Additionally, he made an appearance in the 2004 Kanye West music video “All Falls Down” as a luggage collecting valet. Mitchell co-hosted Dance 360 with Fredro Starr; the show lasted for only one season. From 2005 until 2006, Mitchell portrayed Manny Sellers in the sitcom One on One, and in 2007 Mitchell starred in BET’s new series Take the Cake. Some of his other credits include Honeydripper and Mystery Men.

Read Kevin Hart net worth

Advertisements

He auditioned for Saturday Night Live in 2003, but lost to his Kenan & Kel co-star Kenan Thompson.

Kel Mitchell Net Worth

Kel Mitchell net worth is estimated at $ 4 million.

Advertisements
Advertisements
Advertisements
Continue Reading

NET WORTH

Themba Ndaba Net Worth

Published

on

By

Themba Ndaba Net Worth
Advertisements
Advertisements

Glusea brings to you Themba Ndaba net worth

Themba Ndaba  is a South African actor and director. He is best known for casting in the movie Machine Gun Preacher and in the series Zone 14. In this article we will be bringing to you Themba Ndaba net worth.

Biography

Born in Soweto, Gauteng, he moved to Swaziland at an early age and was brought up there. He started school in 1970 and matriculated at St Marks High School in 1982. He then went to study Economics and Statistics in Zimbabwe in 1983.

Advertisements

Read Tony Kporoge net worth

He took a break from studies and worked as a banker in Harare for a while. From 1986 to 1988 he attended Harare Polytechnic, where he graduated with a Higher National Diploma in Business Studies with a distinction in Economics and Statistics.

Read Sindi Dlathu net worth

In 2011, He won a Golden Horn Award for being the Best Feature in a movie and also won the 2011 Africa Movie Academy Awards for his leading role in the movie Hopeville.

In 1998, he married actress Sophie Ndaba, whom he has two children with; they divorced in 2007. In 2011, he married Josey Ndaba, with whom he has one child

Advertisements

Themba Ndaba Net Worth

Themba Ndaba net worth is estimated at $2 million.

Advertisements
Advertisements
Advertisements
Continue Reading

NET WORTH

Buju Banton Net Worth

Published

on

By

Buju Banton net worth
Advertisements
Advertisements

Buju Banton brings to you Buju Banton net worth

Mark Anthony Myrie  aka Buju Banton is a Jamaican reggae dancehall recording artist. He is widely considered one of the most significant and well-regarded artists in Jamaican music. Banton has collaborated with many international artists, including those in the hip hop, Latin and punk rock genres, as well as the sons of Bob Marley.

Buju Banton net worth is currently estimated at $2 million. H is among the list of top richest Jamaican artsite.

Advertisements
Advertisements

Biography

Myrie in tribute to the deejay Burro Banton, whom he admired as a child. Buju emulated Burro’s rough vocals and forceful delivery, developing his own distinctive style. Buju’s mother was a higgler, or street vendor, while his father worked as a labourer at a tile factory. He was the youngest of fifteen children born into a family that was directly descended from the Maroons of Jamaica.

Read Koffee net worth

Banton has homes in Jamaica and Tamarac, Florida United States. He also has 15 children.

As a youngster, Buju would often watch his favourite artists perform at outdoor shows and local dancehalls in Denham Town. At the age of 12, he picked up the microphone for himself and began toasting under the moniker of Gargamel, working with the Sweet Love and Rambo Mango sound systems.

 In 1986, he was introduced to producer Robert Ffrench by fellow deejay Clement Irie, and his first single, “The Ruler” was released not long afterward in 1987. This led to recording sessions with producers such as Patrick Roberts, Bunny Lee, Winston Riley, and Digital B.

Advertisements

Buju Banton Net Worth

Buju Banton Net Worth is estimated at $2 million.

Banton released a number of dancehall singles as early as 1987 but came to prominence in 1992 with two albums, Stamina Daddy and Mr. Mention, the latter becoming the best-selling album in Jamaican history upon its release. That year he also broke the record for No. 1 singles in Jamaica, previously held by Bob Marley and the Wailers.

Read Bennie man net worth

He signed with the major label Mercury Records and released Voice of Jamaica in 1993. By the mid-1990s, Banton’s music became more influenced by his Rastafari faith, as heard on the seminal albums ‘Til Shiloh and Inna Heights.

Advertisements
Advertisements
Advertisements
Continue Reading
Advertisement Enter ad code h ere
Advertisements
Advertisements
Advertisements
Advertisement Enter ad co de here
Advertisement Enter ad code he re

Trending