Donald Trump’s Net Worth: Bad News For The Trump Campaign As Silicon Valley VP Michael Moritz Denounces Trump’s Business Acumen
As both a candidate for the Republican nomination and now Hillary Clinton’s opponent in the race for President of the United States, Donald Trump has consistently claimed his business acumen would make him a responsible leader. It’s a testament that’s easy to believe too, especially when taking Donald Trump’s net worth into account.
However, a number of key business figures have come out in the past to denounce Donald Trump’s business acumen, and according to Recode, Silicon Valley VP Michael Moritz is the latest of those figures to claim Donald Trump’s business empire isn’t all he speaks of it to be. When discussing Donald Trump’s past as a business mogul, Michael Moritz described Trump as “little more than a hustler who takes from the rich… and also takes from the poor.”
Michael Moritz is a Welsh-born venture capitalist who made his name in Silicon Valley with Sequoia Capital. However, like many of his senior business colleagues in the country’s biggest technology hub, Moritz has damaged Donald Trump’s bid for the presidency by denouncing his business acumen. It’s a subject that’s undeniably very important for Donald Trump, following consistent claims that his track financial record puts him in good stead to manage the country’s finances.
According to the Huffington Post, Moritz went on to describe Donald Trump’s business record as “mediocre, at best.” However, Trump himself has in the past taken aim at some of the tech industry’s biggest and most successful names, belittling their success in comparison to his own. However, according to Michael Moritz, Trump is in no place to do so when you take a look at the Republican presumptive nominee’s own track record, with many of his business claims being simply untrue.
Sequoia VC Michael Moritz joins #SiliconValley bashing of @DonaldJTrumpJr https://t.co/7j4sowdL31 pic.twitter.com/x8CPrC0Ysv
— San Francisco Business Times (@SFBusinessTimes) June 20, 2016
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Donald Trump’s net worth has been a consistent key issue of debate during the race for the presidency. Senior business figures have accused Donald Trump of fabricating his net worth, a testament agreed to by Michael Moritz.
“In Silicon Valley, Mr. Trump also fails to get more than a passing grade for his business skills because his actual performance, compared to the myth he has assiduously cultivated, is so mediocre. Look at the arithmetic. Assume 30 million dollars was plonked into a Standard & Poor’s index fund in 1968, when Mr Trump started to work in his father’s business, and leveraged, like many real estate deals, at about 66 per cent. This would now be worth $4.5bn, or about the same as Forbes estimates Mr Trump is really worth (as opposed to the much larger and entirely unverified number he has insisted upon).”
When it comes to his own net worth, Donald Trump has thrown around a number of figures, which many key business names claim to be exaggerated. At an early stage in his campaign, Trump claimed his net worth to exceed $10 billion, a figure that was later echoed by his campaign manager. However, Forbes then placed his fortune at $4.5 billion, forcing Trump to submit an updated financial disclosure to the Federal Election Commission, before later retracting his statement.
Donald Trump says he helped raise $12 million for the Republican Party this past weekendhttps://t.co/P2oU6U5cnR
— FOX & friends (@foxandfriends) June 21, 2016
Donald Trump acquired around $40 million in wealth from his late father, developing on that fortune with his chain of hotels and golf courses. However, for his successful business ventures, Trump has also faced near bankruptcy during his business career, leading many to claim he isn’t up to the job of managing the country’s finances.
[Photo by Ralph Freso/Getty Images]
