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President of the United States
Incumbent

45th and current president of the United States. Before entering politics, he was a businessman and television personality.

Born and raised in Queens, New York City, Trump attended Fordham University for two years and received a bachelor's degree in economics from the Wharton School of the University of Pennsylvania. He became president of his father's real estate business in 1971, renamed it The Trump Organization, and expanded its operations to building or renovating skyscrapers, hotels, casinos, and golf courses. Trump later started various side ventures, mostly by licensing his name. Trump and his businesses have been involved in more than 4,000 state and federal legal actions, including six bankruptcies. He owned the Miss Universe brand of beauty pageants from 1996 to 2015, and produced and hosted the reality television series The Apprentice from 2004 to 2015.

Trump's political positions have been described as populist, protectionist, isolationist, and nationalist. He entered the 2016 presidential race as a Republican and was elected in a surprise electoral college victory over Democratic nominee Hillary Clinton while losing the popular vote.[a] He became the oldest first-term U.S. president[b] and the first without prior military or government service. His election and policies have sparked numerous protests. Trump has made many false or misleading statements during his campaign and presidency. The statements have been documented by fact-checkers, and the media have widely described the phenomenon as unprecedented in American politics. Many of his comments and actions have been characterized as racially charged or racist.

During his presidency, Trump ordered a travel ban on citizens from several Muslim-majority countries, citing security concerns; after legal challenges, the Supreme Court upheld the policy's third revision. He enacted a tax-cut package for individuals and businesses, rescinding the individual health insurance mandate penalty of the Affordable Care Act, but has failed to repeal and replace the ACA as a whole. He appointed Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett to the Supreme Court. In foreign policy, Trump has pursued an America First agenda, withdrawing the U.S. from the Trans-Pacific Partnership trade negotiations, the Paris Agreement on climate change, and the Iran nuclear deal. He imposed import tariffs which triggered a trade war with China, moved the U.S. embassy in Israel to Jerusalem and withdrew U.S. troops from northern Syria. Trump met three times with North Korean leader Kim Jong-un, but talks on denuclearization broke down in 2019.

A special counsel investigation led by Robert Mueller found that Trump and his campaign welcomed and encouraged Russian interference in the 2016 presidential election under the belief that it would be politically advantageous, but did not find sufficient evidence to press charges of criminal conspiracy or coordination with Russia.[c] Mueller also investigated Trump for obstruction of justice, and his report neither indicted nor exonerated Trump on that offense. After Trump solicited Ukraine to investigate his political rival Joe Biden, the House of Representatives impeached him in December 2019 for abuse of power and obstruction of Congress. The Senate acquitted him of both charges in February 2020.

Trump reacted slowly to the COVID-19 pandemic; he downplayed the threat, ignored or contradicted many recommendations from health officials, and promoted false information about unproven treatments and the availability of testing.

In the 2020 U.S. presidential election, major news organizations have projected that Trump lost his bid for re-election.

Personal life

Early life

Trump's childhood home in Jamaica Estates, Queens, N.Y.
A black-and-white photograph of Donald Trump as a teenager, smiling and wearing a dark pseudo-military uniform with various badges and a light-colored stripe crossing his right shoulder
1964 New York Military Academy yearbook photo

Trump was born on June 14, 1946, at Jamaica Hospital in the borough of Queens, New York City.[3][4] His father was Frederick Christ Trump, a Bronx-born real estate developer whose paren

Born and raised in Queens, New York City, Trump attended Fordham University for two years and received a bachelor's degree in economics from the Wharton School of the University of Pennsylvania. He became president of his father's real estate business in 1971, renamed it The Trump Organization, and expanded its operations to building or renovating skyscrapers, hotels, casinos, and golf courses. Trump later started various side ventures, mostly by licensing his name. Trump and his businesses have been involved in more than 4,000 state and federal legal actions, including six bankruptcies. He owned the Miss Universe brand of beauty pageants from 1996 to 2015, and produced and hosted the reality television series The Apprentice from 2004 to 2015.

Trump's political positions have been described as populist, protectionist, isolationist, and nationalist. He entered the 2016 presidential race as a Republican and was elected in a surprise electoral college victory over Democratic nominee Hillary Clinton while losing the popular vote.[a] He became the oldest first-term U.S. president[b] and the first without prior military or government service. His election and policies have sparked numerous protests. Trump has made many false or misleading statements during his campaign and presidency. The statements have been documented by fact-checkers, and the media have widely described the phenomenon as unprecedented in American politics. Many of his comments and actions have been characterized as racially charged or racist.

During his presidency, Trump ordered a travel ban on citizens from several Muslim-majority countries, citing security concerns; after legal challenges, the Supreme Court upheld the policy's third revision. He enacted a tax-cut package for individuals and businesses, rescinding the individual health insurance mandate penalty of the Affordable Care Act, but has failed to repeal and replace the ACA as a whole. He appointed Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett to the Supreme Court. In foreign policy, Trump has pursued an America First agenda, withdrawing the U.S. from the Trans-Pacific Partnership trade negotiations, the Paris Agreement on climate change, and the Iran nuclear deal. He imposed import tariffs which triggered a trade war with China, moved the U.S. embassy in Israel to Jerusalem and withdrew U.S. troops from northern Syria. Trump met three times with North Korean leader Kim Jong-un, but talks on denuclearization broke down in 2019.

A special counsel investigation led by Robert Mueller found that Trump and his campaign welcomed and encouraged Russian interference in the 2016 presidential election under the belief that it would be politically advantageous, but did not find sufficient evidence to press charges of criminal conspiracy or coordination with Russia.[c] Mueller also investigated Trump for obstruction of justice, and his report neither indicted nor exonerated Trump on that offense. After Trump solicited Ukraine to investigate his political rival Joe Biden, the House of Representatives impeached him in December 2019 for abuse of power and obstruction of Congress. The Senate acquitted him of both charges in February 2020.

Trump reacted slowly to the COVID-19 pandemic; he downplayed the threat, ignored or contradicted many recommendations from health officials, and promoted false information about unproven treatments and the availability of testing.

In the 2020 U.S. presidential election, major news organizations have projected that Trump lost his bid for re-election.

Trump was born on June 14, 1946, at Jamaica Hospital in the borough of Queens, New York City.[3][4] His father was Frederick Christ Trump, a Bronx-born real estate developer whose parents were German immigrants. His mother was Scottish-born housewife Mary Anne MacLeod Trump. Trump grew up in the Jamaica Estates neighborhood of Queens and attended the Kew-Forest School from kindergarten through seventh grade.[5][6] At age 13, he was enrolled in the New York Military Academy, a private boarding school.[7] In 1964, he enrolled at Fordham University. Two years later he transferred to the Wharton School of the University of Pennsylvania, graduating in May 1968 with a B.S. in economics.[8][9] Profiles of Trump published in The New York Times in 1973 and 1976 erroneously reported that he had graduated first in his class at Wharton, but he had never made the school's honor roll.[10] In 2015, Trump's lawyer Michael Cohen threatened Fordham University and the New York Military Academy with legal action if they released Trump's academic records.[11]

Military deferment

While in college, Trump obtained four student draft deferments.[12] In 1966, he was deemed fit for military service based upon a medical examination, and in July 1968 a local draft board classified him as eligible to serve.[13] In October 1968, he was medically deferred and classified 1-Y (unqualified for duty except in the case of a national emergency).[14] In 1972, he was reclassified 4-F due to bone spurs, which permanently disqualified him from service.[15][16]

Family

Parents and siblings

Fred Trump started working in real estate with his mother Elizabeth when he was 15, after his father Friedrich had died in the 1918 flu pandemic.[17] By 1926, their company, "E. Trump & Son", was active in the New York boroughs of Queens and Brooklyn.[18] It would grow to build and sell tens of thousands of houses, barracks, and apartments.[19][20] Fred claimed to be Swedish amid the anti-German sentiment sparked by World War II;[21] Donald Trump also claimed Swedish heritage until 1990.[22] Trump's mother Mary Anne MacLeod was born in Scotland.[23] Fred and Mary were married in 1936 and raised their family in Queens.[22] Trump grew up with three elder siblings – Maryanne, Fred Jr., and Elizabeth – and younger brother Robert.[24]

Wives and children

Trump is sworn in as president by Chief Justice John Roberts on January 20, 2017. From left: Trump, wife Melania, and his children Donald Jr., Barron, Ivanka, Eric, and Tiffany.

In 1977, Trump married Czech model Ivana Zelníčková.[25] They have three children, Donald Jr. (born 1977), Ivanka (born 1981), and Eric (born 1984), and ten grandchildren.[26] Ivana became a naturalized United States citizen in 1988.[27] The couple divorced in 1992, following Trump's affair with actress Marla Maples.[28] Maples and Trump married in 1993[29] and had one daughter, Tiffany (born 1993).[30] They were divorced in 1999,[31] and Tiffany was raised by Marla in California.[32] In 2005, Trump married Slovenian model Melania Knauss.[33] They have one son, Barron (born 2006).[34] Melania gained U.S. citizenship in 2006.[35]

Religion

Trump went to Sunday school and was confirmed in 1959 at the First Presbyterian Church in Jamaica, Queens.[36][37] In the 1970s, his parents joined the Marble Collegiate Church in Manhattan, which belongs to the Reformed Church.[36][38] The pastor at Marble, Norman Vincent Peale,[36] ministered to Trump's family until Peale's death in 1993.[38] Trump has described Peale as a mentor.[39] In 2015, after Trump said he attends Marble, the church publicly stated he "is not an active member" of the church.[37] In November 2019, Trump appointed his personal pastor, televangelist Paula White, to the White House Office of Public Liaison.[40] In October 2020, Trump said that he now identifies as a non-denominational Christian.[41]

Health and lifestyle

Trump abstains from alcohol.[42] He says he has never smoked tobacco or cannabis.[43] He likes fast food and French cuisine.[44][45] He has said he prefers three to four hours of sleep per night.[46] He has called golfing his "primary form of exercise" but usually does not walk the course.[47] He considers exercise a waste of energy, because he believes the body is "like a battery, with a finite amount of energy" which is depleted by exercise.[48]

In 2015, Harold Bornstein, who had been Trump's personal physician since 1980, wrote that Trump would "be the healthiest individual ever elected to the presidency" in a letter released by the Trump campaign.[49] In 2018, Bornstein said Trump had dictated the contents of the letter and that three agents of Trump had removed his medical records in February 2017 without authorization.[49][50]

Statements by White House physicians Ronny Jackson and Sean Conley in 2018, 2019, and 2020 said Trump was healthy overall, but was obese.[51][52][53][54] Several outside cardiologists commented that Trump's 2018 LDL cholesterol level of 143 did not indicate excellent health.[55] Trump's 2019 coronary CT calcium scan score indicates he suffers from a common form of coronary artery disease.[56]

Trump was hospitalized with COVID-19 on October 2, 2020, and treated with the antiviral drug remdesivir, the steroid dexamethasone, and an unapproved experimental antibody drug made by Regeneron.[57][58] He was discharged on October 5.[57]

Wealth

In 1982, Trump was listed on the initial Forbes list of wealthy individuals as having a share of his family's estimated $200 million net worth. His financial losses in the 1980s caused him to be dropped from the list between 1990 and 1995.[59] In its 2020 billionaires ranking, Forbes estimated Trump's net worth at $2.1 billion[d] (1,001st in the world, 275th in the U.S.)[62] making him one of the richest politicians in American history and the first billionaire American president.[62] During the three years since Trump announced his presidential run in 2015, Forbes estimated his net worth declined 31% and his ranking fell 138 spots.[63] When he filed mandatory financial disclosure forms with the Federal Elections Commission in July 2015, Trump claimed a net worth of about $10 billion;[64] however, FEC figures cannot corroborate this estimate because they only show each of his largest buildings as being worth over $50 million, yielding total assets worth more than $1.4 billion and debt over $265 million.[65]

Trump and wife Ivana in the receiving line of a state dinner for King Fahd of Saudi Arabia in 1985,[66] with U.S. president Ronald Reagan and First Lady Nancy Reagan

Journalist Jonathan Greenberg reported in 2018 that Trump, using the pseudonym "John Barron" and claiming to be a Trump Organization official, called him in 1984 to falsely assert that he owned "in excess of ninety percent" of the Trump family's business, to secure a higher ranking on the Forbes 400 list of wealthy Americans. Greenberg also wrote that Forbes had vastly overestimated Trump's wealth and wrongly included him on the Forbes 400 rankings of 1982, 1983, and 1984.[67]

Trump has often said he began his career with "a small loan of one million dollars" from his father, and that he had to pay it back with interest.[68] In October 2018, The New York Times reported that Trump "was a millionaire by age 8", borrowed at least $60 million from his father, largely failed to reimburse him, and had received $413 million (adjusted for inflation) from his father's business empire over his lifetime.[69][70] According to the report, Trump and his family committed tax fraud, which a lawyer for Trump denied. The tax department of New York said it is investigating.[71][72] Trump's

While in college, Trump obtained four student draft deferments.[12] In 1966, he was deemed fit for military service based upon a medical examination, and in July 1968 a local draft board classified him as eligible to serve.[13] In October 1968, he was medically deferred and classified 1-Y (unqualified for duty except in the case of a national emergency).[14] In 1972, he was reclassified 4-F due to bone spurs, which permanently disqualified him from service.[15][16]

Family

Elizabeth when he was 15, after his father Friedrich had died in the 1918 flu pandemic.[17] By 1926, their company, "E. Trump & Son", was active in the New York boroughs of Queens and Brooklyn.[18] It would grow to build and sell tens of thousands of houses, barracks, and apartments.[19][20] Fred claimed to be Swedish amid the anti-German sentiment sparked by World War II;[21] Donald Trump also claimed Swedish heritage until 1990.[22] Trump's mother Mary Anne MacLeod was born in Scotland.[23] Fred and Mary were married in 1936 and raised their family in Queens.[22] Trump grew up with three elder siblings – Maryanne, Fred Jr., and Elizabeth – and younger brother Robert.[24]

Wives and children

In 1977, Trump married Czech model Ivana Zelníčková.[25] They have three children, Donald Jr. (born 1977), Ivanka (born 1981), and Eric (born 1984), and ten grandchildren.[26] Ivana became a naturalized United States citizen in 1988.[27] The couple divorced in 1992, following Trump's affair with actress Marla Maples.[28] Maples and Trump married in 1993[29] and had one daughter, Tiffany (born 1993).[30] They were divorced in 1999,[31] and Tiffany was raised by Marla in California.[32] In 2005, Trump married Slovenian model Melania Knauss.[33] They have one son, Barron (born 2006).[34] Melania gained U.S. citizenship in 2006.[35]

Religion

Trump went to Sunday school and was confirmed in 1959 at the First Presbyterian Church in Jamaica, Queens.[36][37] In the 1970s, his parents joined the Marble Collegiate Church in Manhattan, which belongs to the Reformed Church.[36][38] The pastor at Marble, Norman Vincent Peale,[36] ministered to Trump's family until Peale's death in 1993.[38] Trump h

Trump went to Sunday school and was confirmed in 1959 at the First Presbyterian Church in Jamaica, Queens.[36][37] In the 1970s, his parents joined the Marble Collegiate Church in Manhattan, which belongs to the Reformed Church.[36][38] The pastor at Marble, Norman Vincent Peale,[36] ministered to Trump's family until Peale's death in 1993.[38] Trump has described Peale as a mentor.[39] In 2015, after Trump said he attends Marble, the church publicly stated he "is not an active member" of the church.[37] In November 2019, Trump appointed his personal pastor, televangelist Paula White, to the White House Office of Public Liaison.[40] In October 2020, Trump said that he now identifies as a non-denominational Christian.[41]

Health an

Trump abstains from alcohol.[42] He says he has never smoked tobacco or cannabis.[43] He likes fast food and French cuisine.[44][45] He has said he prefers three to four hours of sleep per night.[46] He has called golfing his "primary form of exercise" but usually does not walk the course.[47] He considers exercise a waste of energy, because he believes the body is "like a battery, with a finite amount of energy" which is depleted by exercise.[48]

In 2015, Harold Bornstein

In 2015, Harold Bornstein, who had been Trump's personal physician since 1980, wrote that Trump would "be the healthiest individual ever elected to the presidency" in a letter released by the Trump campaign.[49] In 2018, Bornstein said Trump had dictated the contents of the letter and that three agents of Trump had removed his medical records in February 2017 without authorization.[49][50]

Statements by White House physicians Ronny Jackson and Sean Conley in 2018, 2019, and 2020 said Trump was healthy overall, but was obese.[51][52][53][54] Several outside cardiologists commented that Trump's 2018 LDL cholesterol level of 143 did not indicate excellent health.[55] Trump's 2019 coronary CT calcium scan score indicates he suffers from a common form of coronary artery disease.[56]

Trump was hospitalized with COVID-19 on October 2, 2020, and treated with the antiviral drug remdesivir, the steroid dexamethasone, and an unapproved experimental antibody drug made by Regeneron.[57][58] He was discharged on October 5.[57]

In 1982, Trump was listed on the initial Forbes list of wealthy individuals as having a share of his family's estimated $200 million net worth. His financial losses in the 1980s caused him to be dropped from the list between 1990 and 1995.[59] In its 2020 billionaires ranking, Forbes estimated Trump's net worth at $2.1 billion[d] (1,001st in the world, 275th in the U.S.)[62] making him one of the richest politicians in American history and the first billionaire American president.[62] During the three years since Trump announced his presidential run in 2015, Forbes estimated his net worth declined 31% and his ranking fell 138 spots.[63] When he filed mandatory financial disclosure forms with the Federal Elections Commission in July 2015, Trump claimed a net worth of about $10 billion;[64] however, FEC figures cannot corroborate this estimate because they only show each of his largest buildings as being worth over $50 million, yielding total assets worth more than $1.4 billion and debt over $265 million.[65]

John Barron" and claiming to be a Trump Organization official, called him in 1984 to falsely assert that he owned "in excess of ninety percent" of the Trump family's business, to secure a higher ranking on the Forbes 400 list of wealthy Americans. Greenberg also wrote that Forbes had vastly overestimated Trump's wealth and wrongly included him on the Forbes 400 rankings of 1982, 1983, and 1984.[67]

Trump has often said he began his career with "a small loan of one million dollars" from his father, and that he had to pay it back with interest.[68] In October 2018, The New York Times reported that Trump "was a millionaire by age 8", borrowed at least $60 million from his father, largely failed to reimburse him, and had received $413 million (adjusted for inflation) from his father's business empire over his lifetime.[69][70] According to the report, Trump and his family committed tax fraud, which a lawyer for Trump denied. The tax department of New York said it is investigating.[71][72] Trump's investments underperformed the stock market and the New York property market.[73][74] Forbes estimated in Oc

Trump has often said he began his career with "a small loan of one million dollars" from his father, and that he had to pay it back with interest.[68] In October 2018, The New York Times reported that Trump "was a millionaire by age 8", borrowed at least $60 million from his father, largely failed to reimburse him, and had received $413 million (adjusted for inflation) from his father's business empire over his lifetime.[69][70] According to the report, Trump and his family committed tax fraud, which a lawyer for Trump denied. The tax department of New York said it is investigating.[71][72] Trump's investments underperformed the stock market and the New York property market.[73][74] Forbes estimated in October 2018 that the value of Trump's personal brand licensing business had declined by 88% since 2015, to $3 million.[75]

Trump's tax returns from 1985 to 1994 show net losses totaling $1.17 billion over the ten-year period, in contrast to his claims about his financial health and business abilities. The New York Times reported that "year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer," and Trump's "core business losses in 1990 and 1991 – more than $250 million each year – were more than double those of the nearest taxpayers in the I.R.S. information for those years". In 1995 his reported losses were $915.7 million.[76][77]

According to a September 2020 analysis by The New York Times of twenty years of data from Trump's tax returns, Trump had accumulated hundreds of millions of U.S. dollars in losses, and deferred declaring $287 million in forgiven debt as taxable income.[78] According to the analysis, Trump's main sources of income were his share of revenue from The Apprentice and income from businesses in which he was a minority partner, while his majority-owned businesses were largely running at losses.[78] A significant portion of Trump's income was in tax credits due to his losses, which enables him to avoid paying income tax, or paying as little as $750, for several years.[78] Over the past decade, Trump has been balancing his businesses' losses by selling and taking out loans against assets, including a $100 million mortgage on Trump Tower (due in 2022) and the liquidation of over $200 million in stocks and bonds.[78] Trump has personally guaranteed $421 million in debt, most of which is due to be repaid by 2024. If he is re-elected and unable to repay or refinance the debt, the lenders may consider foreclosing on a sitting president, an unprecedented situation.[79] The tax records also showed Trump had unsuccessfully pursued business deals in China, including by developing a partnership with a major government-controlled company.[80]

Trump has a total of over $1 billion in debts, borrowed to finance his assets, reported Forbes in October 2020. Around $640 million or more was owed to various banks and trust organizations. Around $450 million was owed to unknown creditors. However, Trump's assets still outvalue his debts, reported Forbes.[81]

While a student at Wharton and after graduating in 1968, Trump worked at his father Fred's real estate company, Trump Management, which owned middle-class rental housing in New York City's outer boroughs.[82][83][84] In 1971, he became president of the company and began using The Trump Organization as an umbrella brand.[85] The business had previously used the names Fred C. Trump Organization,[86][87] Fred Trump Organization,[88][89] and Trump Organization,[90] but had not had a single formal name. It was registered as a corporation in 1981.[91]

Manhattan developments

Trump attracted public attention in 1978 with the launch of his family's first Manhattan venture, the renovation of the derelict Commodore Hotel, adjacent to Grand Central Terminal. The financing was facilitated by a $400 million city property tax abatement arranged by Fred Trump,[92] who also joined Hyatt in guaranteeing $70 million in bank construction financing.[93][94] The hotel reopened in 1980 as the Grand Hyatt Hotel,[95] and that same year, Trump obtained rights to develop Trump Tower, a mixed-use skyscraper in

Trump attracted public attention in 1978 with the launch of his family's first Manhattan venture, the renovation of the derelict Commodore Hotel, adjacent to Grand Central Terminal. The financing was facilitated by a $400 million city property tax abatement arranged by Fred Trump,[92] who also joined Hyatt in guaranteeing $70 million in bank construction financing.[93][94] The hotel reopened in 1980 as the Grand Hyatt Hotel,[95] and that same year, Trump obtained rights to develop Trump Tower, a mixed-use skyscraper in Midtown Manhattan.[96] The building houses the headquarters of the Trump Organization and was Trump's primary residence until 2019.[97][98]

In 1988, Trump acquired the Plaza Hotel

In 1988, Trump acquired the Plaza Hotel in Manhattan with a loan of $425 million from a consortium of banks. Two years later, the hotel filed for bankruptcy protection, and a reorganization plan was approved in 1992.[99] In 1995, Trump lost the hotel to Citibank and investors from Singapore and Saudi Arabia, who assumed $300 million of the debt.[100][101]

In 1996, Trump acquired a vacant 71-story skyscraper at 40 Wall Street. After an extensive renovation, the high-rise was renamed the Trump Building.[102] In the early 1990s, Trump won the right to develop a 70-acre (28 ha) tract in the Lincoln Square neighborhood near the Hudson River. Struggling with debt from other ventures in 1994, Trump sold most of his interest in the project to Asian investors who were able to finance completion of the project, Riverside South.[103]

In 1985, Trump acquired the Mar-a-Lago estate in Palm Beach, Florida.[104] Trump used a wing of the estate as a home, while converting the remainder into a private club with an initiation fee and annual dues.[105] In 2019, Trump declared Mar-a-Lago his primary residence.[98]

Atlantic City casinos

The entrance of the Trump Taj Mahal, a casino in Atlantic City. It has motifs evocative of the Taj Mahal in India.
Entrance of the In 1984, Trump opened Harrah's at Trump Plaza hotel and casino in Atlantic City, New Jersey, with financing from the Holiday Corporation, who also managed the operation. Gambling had been legalized there in 1977 to revitalize the once-popular seaside destination.[106] The property's poor financial results worsened tensions between Holiday and Trump, who paid Holiday $70 million in May 1986 to take sole control of the property.[107] Earlier, Trump had also acquired a partially completed building in Atlantic City from the Hilton Corporation for $320 million. Upon its completion in 1985, that hotel and casino were called Trump Castle. Trump's then-wife Ivana managed it until 1988.[108][109]

Trump acquired a third casino in Atlantic City, the Trump Taj Mahal, in 1988 in a highly leveraged transaction.[110] It was financed with $675 million in junk bonds and completed at a cost of $1.1 billion, opening in April 1990.[111][112][113] The project went bankrupt the following year,[112] and the reorganization left Trump with only half his initial ownership st

Trump acquired a third casino in Atlantic City, the Trump Taj Mahal, in 1988 in a highly leveraged transaction.[110] It was financed with $675 million in junk bonds and completed at a cost of $1.1 billion, opening in April 1990.[111][112][113] The project went bankrupt the following year,[112] and the reorganization left Trump with only half his initial ownership stake and required him to pledge personal guarantees of future performance.[114] Facing "enormous debt", he gave up control of his money-losing airline, Trump Shuttle, and sold his megayacht, the Trump Princess, which had been indefinitely docked in Atlantic City while leased to his casinos for use by wealthy gamblers.[115][116]

In 1995, Trump founded Trump Hotels & Casino Resorts (THCR), which assumed ownership of Trump Plaza, Trump Castle, and the Trump Casino in Gary, Indiana.[117] THCR purchased the Taj Mahal in 1996 and underwent successive bankruptcies in 2004, 2009, and 2014, leaving Trump with only ten percent ownership.[118] He remained chairman of THCR until 2009.[119]

The Trump Organization began acquiring and constructing golf courses in 1999.[120] It owned 16 golf courses and resorts worldwide and operated another two as of December 2016.[121]

From his inauguration until the end of 2019, Trump spent around one of every five days at one of his golf clubs.[122]

[122]

After the Trump Organization's financial losses in the early 1990s, it refocused its business on branding and licensing the Trump name for projects owned and operated by other people and companies.[123] In the late 2000s and early 2010s, it expanded this branding and management business to hotel towers located around the world, including Chicago; Las Vegas; Washington, D.C.; Panama City; Toronto; and Vancouver. There were also Trump-branded buildings in Dubai, Honolulu, Istanbul, Manila, Mumbai, and Indonesia.[124]

The Trump name has also been licensed for various consumer products and services, including foodstuffs, apparel, adult learning courses, and home furnishings.[125][126] According to an analysis by The Washington Post, there are more than fifty licensing or management deals involving Trump's name, which have generated at least $59 million in yearly revenue for his companies.[127] By 2018 only two consumer goods companies continued to license his name.[126]

Legal affairs and bankruptcies