Bloomberg News
@Bloomberg-News·2.8M subscribers·40.1K videos
Trump Sparks a Crisis for His Business Empire Just Before Returning to It
Posted
January 12, 2021
Views
79,885
Likes
1,105
Comments
267
Engagement
January 12, 2021
79,885
1,105
267
1.72%
Every word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
3:40Now PlayingIt’s right there in the first few pages of “Trump University Branding 101”: “The truth is, everything you say and do is important,” he wrote in the 2008 book’s foreword. “Actions matter.”
After egging on a mob that rioted inside the U.S. Capitol last week, the brand that’s at the heart of President Donald Trump’s career and fortune is in crisis. He is being shunned by some of the political donors who fuel him, the tech companies that amplify his voice, the banks handling his finances, the American golf industry that brings business to his clubs, and even the Canadian company behind his online stores.
It took all four years of Trump’s presidency for most of those corporate allies to turn on him. Now, they’re standing up to him when their pressure can’t change much about an administration that’s in its final days. But they do have the power to hurt his return to the business world.
“As he’s walking out of the palace gates he’s torching the kingdom, but in doing so he’s permanently damaging his own brand,” said Sally Hogshead, a branding specialist. “There’s a shame factor with being associated with the Trump brand for a larger percentage of the population than before.”
The Trump Organization didn’t immediately respond to requests for comment.
In a span of a few days, Trump has been rejected by Wall Street, Silicon Valley, and Washington. Internet giants took away his social media megaphone after his posts encouraged violence, with Twitter Inc. suspending his personal account and Facebook Inc. extending a ban indefinitely. Shopify Inc. said it shut down his e-commerce stores, impacting the Trump Organization’s official store and a campaign shop. The firm “does not tolerate actions that incite violence,” a spokeswoman said.
Some of the banks that Trump and his family have worked with for years are distancing themselves.
Deutsche Bank AG has decided to refrain from further business with Trump and his company, said a person with knowledge of the matter, asking not to be identified because the deliberations were confidential. Trump owes the Frankfurt-based lender more than $300 million.
Signature Bank, the New York lender where Ivanka Trump once served on the board, said it’s cutting ties while it presses for his resignation. Signature is closing two personal accounts in which Trump held about $5.3 million, said a spokesperson for the firm. The New York Times reported the bank’s moves earlier on Monday.
Read more: Trump’s long-favored banks pull back amid fallout from D.C. riot
Finance firms more broadly say they’ll use the power of their campaign donations to condemn the politicians whose attempt to overturn the November presidential election spurred last week’s riot. In Washington, House lawmakers are on course to try to make Trump the only president in U.S. history to be impeached twice.
Even Trump’s favorite elite bastion is taking its business from him. The PGA of America said its board voted to end an agreement to host next year’s PGA Championship at a golf course owned by Trump in New Jersey.
“It’s become clear that conducting the PGA championship at Trump Bedminster would be detrimental to the PGA of America brand,” Jim Richerson, PGA of America’s president, said in a video message. When Trump announced his presidency with a speech that said Mexican immigrants include rapists, the PGA decided not to hold its 2015 Grand Slam of Golf at Trump National in Los Angeles.
Trump’s business future isn’t bright, according to Carly Fiorina, the former CEO of Hewlett-Packard Co. who ran against Trump in the 2016 primaries.
Read the full story from Bloomberg
Subscribe to our YouTube channel
Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
To watch complete coverage on Bloomberg Quicktake 24/7, visit or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app.
Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake
Connect with us on…
Breaking News on YouTube
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.
