Over the weekend, Donald Trump appeared at Sneaker Con in Philadelphia to hawk his new limited edition gold-colored “Never Surrender High-Top” sneakers. Only 1,000 were made, and they only cost $399 a pair. If you couldn’t get a pair of those, Trumpland is selling a red sneaker and a white sneaker for $199 each. Trump is also selling “Victory47” cologne and perfume for $99.
The good news is that the expensive gold sneakers have reportedly sold out. The bad news is that $399,000, even without subtracting manufacturing costs, won’t make a dent in his debts. He will still need to sell (sans manufacturing costs) about 2,721,613 ugly sneakers. Trump owes roughly $542 million in recent legal judgments: his civil fraud judgment and two judgments in cases with E. Jean Carroll. Fortune Magazine reports that while Trump claims to be worth around $10 billion, most estimates of his fortune settle in around $2 billion.
In 2022, Digital World Acquisition Corp., the special purpose acquisition company trying to take Trump’s “Truth Social” media platform public, was required to file a public listing of Trump’s failures as a businessman and brand before selling stock in the company. Here are some noteworthy highlights:
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“The Trump Taj Mahal, which was built and owned by President Trump, filed for Chapter 11 bankruptcy in 1991.”
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“The Trump Plaza, the Trump Castle, and the Plaza Hotel, all owned by President Trump at the time, filed for Chapter 11 bankruptcy in 1992.”
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“THCR, which was founded by President Trump in 1995, filed for Chapter 11 bankruptcy in 2004.”
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“Trump Entertainment Resorts, Inc., the new name given to Trump Hotels & Casino Resorts after its 2004 bankruptcy, declared bankruptcy in 2009.”
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“Trump Shuttle, Inc., launched by President Trump in 1989, defaulted on its loans in 1990 and ceased to exist by 1992.”
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“Trump University, founded by President Trump in 2005, ceased operations in 2011 amid lawsuits and investigations regarding the company’s business practices.”
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“Trump Vodka, a brand of vodka produced by Drinks Americas under license from the Trump Organization, was introduced in 2005 and discontinued in 2011.”
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“Trump Mortgage, LLC, a financial services company founded by President Trump in 2006, ceased operations in 2007.”
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“GoTrump.com, a travel site founded by President Trump in 2006, ceased operations in 2007.”
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“Trump Steaks, a brand of steak and other meats founded by President Trump in 2007, discontinued sales two months after its launch.”
Trump has a long history of really classing up hucksterism. Who could forget 2016, when instead of using a press conference to crow about primary victories, he hawked newly Trump-branded steaks, water, and wine? Branding has been Trump's main source of revenue for some time, which is why he (and his daughter Ivanka) used his position as president to get dozens of trademarks approved in markets like China at record speeds.
There is a positive takeaway for the conman: Russian CEO Roman Sharf placed a winning $9,000 bid for an autographed pair of Trump’s gold sneakers. So Trump can either find himself 60,000 more Russian CEOs to buy autographed pairs of tacky gold sneakers, or he can just ingratiate himself to a single wealthy authoritarian Russian leader.
I think we have our answer.
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