Donald Trump's business finances have been in the news a lot as of late, and it is now reported that he has at least $1 billion in debt. Forbes notes that this is double what he previously said his debt amount was. It is important to note, that while Trump does have significant debt, he is not broke by any means, as his total net worth is around $2.5 billion.
During a town hall forum on Thursday, Trump appeared to confirm that he is around $400 million in debt, but Forbes reports that he has at least two outstanding loans that equal up to $447 million. Some of Trump's debt has been reported in financial disclosures, but not the two that make up the newly uncovered amount. Forbes also notes that one of the biggest reasons for all the confusion around Trump's debt is that it is all very unclear. For example, there is no confirmed number for how much he owes against his Bedford, New York mansion. There are also questions around who exactly trump indebted to on his San Francisco skyscraper.
Donald Trump suggested last night that he has $400 million in debt. He does not. He owes more than $1 billion. We have the documents, and you can see them here. https://t.co/R0v0BgIjVL— Dan Alexander (@DanAlexander21) October 16, 2020
The new report comes after the President's son, Eric Trump, got angry and defensive during an interview about his father's finances. While speaking to ABC News Chief White House Correspondent Jonathan Karl, Eric stated that his father "lost a fortune running for president," and then adding that "he doesn't care" about the loss. "He wanted to do what was right. The last thing I can tell you Donald Trump needs in the world is this job."
NEW: “My father has lost a fortune,” Eric Trump tells @jonkarl when pressed on a NYT report that Pres. Trump turned “his own hotels and resorts into the Beltway’s new back rooms, where public and private business mix and special interests reign.” https://t.co/fsCP2um0H5 pic.twitter.com/MtZLiszs2K— This Week (@ThisWeekABC) October 11, 2020
"It's in his financial disclosures," Eric added, "You know exactly who the money's owed to." He then stated, "My father is worth billions of dollars, and on a proportion of his net worth, my father has very very low leverage." At this time, Forbes reports that the Trump Organization has not responded to questions about Trump's unreported debt.