The Trump Organization facts for kids
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Trump Tower, headquarters of
the Trump Organization |
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| Private | |
| Industry | Conglomerate |
| Founded | 1927 (as E. Trump & Son) |
| Founders |
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| Headquarters | Trump Tower, New York City |
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Area served
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Worldwide |
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Key people
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| Services |
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| Revenue | US$450 million (estimate, 2020) |
| Owner | Donald Trump |
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Number of employees
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22,450 (2015) |
The Trump Organization is a large American company owned by Donald Trump. It acts like a main company that holds all of Trump's different businesses and investments. About 250 of its smaller companies and partnerships use the "Trump" name. Donald Trump joined the company in 1968 and started leading it in 1971. He changed its name around 1973. In 2017, after he became president, he passed the leadership to his children.
Through its many parts, the Trump Organization has been involved in building, buying, selling, and managing properties. These include homes, hotels, resorts, tall towers, and golf courses in different countries. The company has also worked in construction, hospitality (like hotels), casinos, entertainment, publishing, and retail. It even produced the TV show The Apprentice. Some of its retail products have included clothing, jewelry, books, and food items like steaks and bottled water.
The exact value of the Trump Organization is not known publicly because its financial records are private. Donald Trump has been accused of making his company's value seem higher than it was, especially to magazines that list the richest people.
Since 2019, the Trump Organization has been looked at by investigators in New York. They were checking for possible financial fraud. In 2021, New York prosecutors said the company was involved in a tax avoidance plan over 15 years. In 2022, the company's chief financial officer admitted to several serious financial crimes. Later that year, New York's Attorney General filed a civil lawsuit against the company. In December 2022, the company was found guilty on 17 criminal charges.
In September 2023, a judge in the civil lawsuit decided that Donald Trump, his adult sons, and the company had repeatedly committed fraud. The judge ordered that their business licenses in New York be canceled. This was a very serious decision for the company. In February 2024, Trump and the company were ordered to pay a large amount of money. They also faced more rules about doing business in New York. In March 2024, the amount to be paid was lowered, and Trump made the payment in April 2024. This means his properties cannot be taken while he appeals the decision.
Contents
History of the Company
How it Started
Donald Trump's grandparents, Frederick Trump and Elizabeth Christ Trump, moved to Queens, New York, in 1906. Frederick started building houses there. After he passed away in 1918, Elizabeth continued the real estate business. She had houses built on land Frederick owned and then sold them.
Donald Trump's father, Fred Trump, started building homes around 1927. That year, he turned 21, and the company "E. Trump & Son" was officially created. Elizabeth had used this name in ads since 1921.
During the Great Depression, the company faced difficulties. Fred Trump then opened a supermarket, but soon returned to real estate. He bought properties that were about to be taken by banks and sold them for a profit. He became known as a successful young businessman in New York City. In 1935, the company moved to Brooklyn.
During World War II, Fred Trump built apartments and temporary homes for military people. After the war, he focused on building large apartment buildings in Brooklyn, like Shore Haven and Beach Haven.
Donald Trump Takes Over
Donald Trump worked for his father's business while he was in college. In 1968, he officially joined the company. In the early 1970s, his father became chairman, and Donald became president. Around 1973, he started calling the business the "Trump Organization." Before that, it had a few different names.
Civil Rights Lawsuit
In 1973, the U.S. Department of Justice filed a lawsuit against the Trump Organization. They said the company broke the Fair Housing Act. This law makes it illegal to refuse to rent to people because of their race. The lawsuit claimed the company would not rent apartments to Black people. White people were able to get apartments, but Black people were not.
A newspaper article in 1979 quoted a rental agent who said Fred Trump told him not to rent to Black people. In 1975, the company agreed to a settlement. This agreement required Trump to advertise empty apartments in newspapers for minority groups. It also required him to list apartments with the National Urban League. The Justice Department later said that Trump's agents continued to act in ways that discriminated against people based on race.
New York City Projects
Donald Trump focused on big building projects in Manhattan. These included fixing up the Commodore Hotel, which became the Grand Hyatt New York (opened in 1980). He also built Trump Tower (1983) and Trump Plaza (1984). He also opened three casino hotels in Atlantic City, New Jersey.
In 1989, New York State officials ordered the Grand Hyatt New York hotel to pay the city money it had held back. An investigation found that the hotel was missing financial records and used accounting methods that were not standard.
Around 1990, the Trump Organization faced financial problems. Donald Trump and his companies owed a lot of money to banks. Trump worked to fix these debts. He sold some properties, like an airline and part of the Plaza Hotel. By 1996, many thought Trump was making a comeback. However, his casino company later went bankrupt, and he lost his ownership in it.
In 1997, Fred Trump gave ownership of his apartment buildings to his four children. They said the properties were worth $41.4 million for tax purposes. After Fred died in 1999, the children sold the apartments in 2004 for a much higher price. This sale marked the end of the family's ownership of their father's original business.
How the Company Got Money
After facing financial difficulties in the 1990s, the Trump Organization found it harder to borrow money from many big banks. Deutsche Bank, which was growing in the U.S. during the 1990s, lent Trump a large amount of money in 1998. This bank also helped Trump connect with wealthy clients, including some from Russia, who wanted to buy property in the West. Between 2000 and 2010, Trump borrowed $2 billion from Deutsche Bank.
By 2016, some people said that the Trump Organization often did not pay its contractors and workers for their services. Many workers filed lawsuits or said they had to accept less money than they were owed.
Donald Trump's oldest son, Donald Jr., said in 2008 that many wealthy Russians were investing in their high-end properties in the U.S. A golf writer said that in 2014, Eric Trump told him the company was funding its golf course purchases with money from Russia. Eric Trump later denied saying this. The company has many projects in other countries. This led some to worry about possible conflicts of interest if Donald Trump became president.
How Much is it Worth?
The exact value of the Trump Organization's properties is private. There are many different guesses about how much the company is truly worth. Donald Trump has been accused of trying to make his properties seem more valuable to the media, especially to magazines like Forbes, to make his own wealth seem higher. He has not released many official financial documents to prove his claims.
It is hard to figure out the exact value of the company's real estate because each property might have debts attached to it.
In 2015, Forbes magazine wrote about how difficult it was for them to estimate Trump's true wealth over the years. In 2018, a former Forbes journalist said that Trump had lied about his wealth to get on the rich list.
In November 2021, The Washington Post reported that between 2011 and 2015, the Trump Organization showed different values for its properties. They told potential lenders the properties were worth much more than what they told tax officials. New York prosecutors were looking into this as part of their investigation into possible fraud and tax evasion. In February 2022, the company's accountants said they could no longer trust the financial statements they had prepared for the Trump Organization from 2010 to 2020. They also said they would no longer work with the company.
During Trump's Presidency
On January 11, 2017, before he became president, Donald Trump announced that he and his daughter Ivanka Trump would step down from their roles. His sons, Donald Jr. and Eric, along with the Chief Finance Officer, would take charge of the businesses. Trump put his companies into a special type of trust. This allowed him to still tell the trustees how to run the company and even fire them.
Trump kept his financial ownership in the businesses. During his campaign, he had said he would put all his assets into a "blind trust." This would mean he wouldn't know how his businesses were being run. His lawyer said that an ethics officer would watch over Trump's assets. The Trump Organization also promised not to start any new business deals in foreign countries.
Forbes magazine reported in March 2017 that the Trump Organization had stopped some international work. They pulled out of deals in Azerbaijan, Georgia, and Brazil. They also promised not to make new foreign deals, though one old deal in the Dominican Republic seemed to restart. Trump's international hotel business was a small part of his wealth. But it brought in money with almost no risk. While some international deals ended, new deals in the U.S. continued.
Eric Trump said there was a "clear separation" between the business and his father's presidency. He also said he would update his father on the business, probably every three months. However, some ethics experts worried about this. They said that if he was getting reports, he wasn't truly separate from the business. They pointed out that he still owned the business, which could lead to conflicts of interest.
In March 2017, Forbes also listed all the partners the Trump Organization had worked with. Many of these partners attended Trump's inauguration. Some even paid a lot of money to stay at the Trump International Hotel in Washington, D.C., for the event.
In April 2020, during the COVID-19 pandemic in the United States, Eric Trump said the Trump Organization asked for a break on rent for its Trump International Hotel. The landlord for this hotel is the U.S. government.
In September 2020, it was found that Trump's properties had charged the government over $1.1 million since he became president. For example, the Secret Service rented a cottage at his Bedminster club for $17,000 per month. Political campaign money was also spent at Trump properties. The Trump campaign paid an estimated $10–17 million to Trump properties during his presidency.
Conflicts of Interest
Concerns about conflicts of interest came up soon after Trump became president. China quickly approved 38 trademarks for his name. These were for various businesses like hotels and spas. Trump had applied for these trademarks in April 2016, when he was a candidate. In 2018 and 2019, China gave 23 more trademarks to Trump's companies and to Ivanka Trump. This happened while the U.S. and China were having trade talks.
In January 2024, some members of the U.S. House Committee on Oversight and Accountability released a report. It said that foreign governments paid over $7.8 million to Trump-owned businesses.
Investigations
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In August 2018, the Manhattan district attorney was thinking about bringing charges against the company. This was about how they recorded a payment made by Trump's personal lawyer.
In October 2018, The New York Times published a long article about Donald Trump's inheritance from his parents. It talked about a possible tax fraud plan. This plan might have helped Trump and his siblings avoid paying over $500 million in gift and estate taxes. The plan involved moving money from the companies to the children over time. It also involved saying the properties were worth less than they were. In 2021, Mary L. Trump, Donald Trump's niece, said the company used a fake company to move money. This made Fred Trump's business seem less valuable when he died.
In February 2019, Michael Cohen, Trump's former lawyer, told Congress that Trump "inflated [the company's] total assets" when he wanted to seem richer. He also said Trump "deflated his assets" to pay less in real estate taxes. After this, the New York State Department of Financial Services asked for information from the company's insurance broker. By September 2019, the company was being investigated by federal officials. They were looking into claims that the company inflated insurance claims.
In January 2020, the D.C. Attorney General sued the company and Trump's inauguration committee. The lawsuit said that money meant for the inauguration was wrongly sent to the Trumps through hotel stays and a private party. Ivanka Trump and Donald Jr. later gave statements about their involvement. In May 2022, the company and the committee agreed to pay a $750,000 settlement. This money would go to two non-profit groups in D.C.
In August 2020, the New York Attorney General (AG) Letitia James said her office was investigating the company. This was a civil investigation into the claims of asset inflation. The Manhattan DA, who was trying to get Donald Trump's tax returns, also said the company was being investigated for bank and insurance fraud. Eric Trump was questioned in October. He reportedly used his right to remain silent over 500 times.
| People v. Trump Corporation | |
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| Court | Supreme Court of the State of New York County of New York |
| Full case name | The People of the State of New York v. The Trump Organization, d/b/a The Trump Organization, Trump Payroll Corp., d/b/a The Trump Organization, Allen Weisselberg |
| Defendant | Trump Organization, Trump Payroll Organization, and Allen Weisselberg |
On May 18, 2021, the New York AG's office announced it was joining the Manhattan DA's office in a criminal investigation of the company. By June 2021, the company's chief financial officer and chief operating officer were being looked at in this investigation.
New York Civil Lawsuit
On September 21, 2022, Attorney General James announced a civil lawsuit against Trump, his three oldest children, and the company. The lawsuit claimed fraud and other wrong statements. It said Trump "wildly exaggerated his net worth by billions of dollars." The lawsuit asked for $250 million in penalties. It also asked for future limits on the Trump family's business activities in New York. Before the lawsuit was filed, Trump was questioned and used his right to remain silent over 440 times.
In November 2022, a New York judge agreed to James's request for an independent monitor. This monitor would prevent future fraud by the company. The judge also said that the company would need his approval before selling or moving any assets. James found that days before her lawsuit, Trump's lawyers had created a new company. She worried this new company could be used to protect Trump's assets from a financial judgment.
In September 2023, the judge in the civil lawsuit ruled that Trump, his adult sons, and the company had repeatedly committed fraud. He ordered their New York business licenses canceled. He also said their businesses would be taken over by a receiver for possible closing. This was called a "corporate death penalty" by some. In February 2024, the judge ordered Trump to pay over $350 million plus interest, totaling over $450 million. He also banned Trump from leading any New York company for three years. His sons were ordered to pay over $4 million each. They were also banned from serving as officers or directors of any New York company for two years. The judge also ordered that the company be watched by the court-appointed monitor. In March 2024, the payment was lowered to $175 million. Trump paid this amount by the deadline.
Real Estate Holdings
In 2019, Forbes estimated Trump's wealth at $3.1 billion. About half of this came from his properties in New York City. About a third came from his properties around the U.S. and in other countries, including hotels and golf courses. The company also earns money when other owners pay to use the Trump name on their properties.
Key Properties Owned
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- Trump Tower: This 58-story building in Midtown Manhattan is the headquarters of the Trump Organization. It opened in 1983. Trump owns the office and retail parts of the tower. Donald Trump's main home was a three-story apartment in this building until he moved to the White House.
- Trump World Tower: Another tall building in Midtown Manhattan.
- AXA Financial Center and 555 California Street: Trump owns a 30% share in these two office buildings.
- The Trump Building at 40 Wall Street: Trump bought and fixed up this building in 1995.
- Trump International Hotel and Tower Chicago: A large project in Chicago.
- Trump International Hotel Las Vegas: A joint project with another businessman.
- Trump International Hotel and Tower New York: Trump lent his name and knowledge to this building's owner for a fee.
- Trump Park Avenue: Trump owns many apartments in this building, which he rents out.
- 6 East 57th Street: Trump has a long-term lease on this retail building next to Trump Tower.
- Mar-a-Lago: A historic estate in Palm Beach, Florida. Trump turned most of it into a private resort for members. He also owns two houses nearby.
- Seven Springs: A large estate with a 13-bedroom mansion near Bedford, New York. Trump bought it in 1995.
- Beverly Hills house: A home in Beverly Hills, California, that Trump bought in 2007 and sold in 2019.
Central Park Carousel
In 2010, Trump took over managing the Central Park Carousel, a merry-go-round in Manhattan. He promised to improve it. The carousel made a good amount of money each year. The Trump Organization's contract to run it ended in April 2021.
Skating Rinks
In 1986, Trump rebuilt the Wollman Rink in Central Park. He finished it ahead of time and under budget. He was given permission to run the rink for a year, giving the profits to charity. Later, the Trump Organization also took over the Lasker Rink. They ran both rinks until 1995.
In 2001, a company owned by Trump won another contract to run the rinks until April 2021. The Trump name was clearly shown at the Wollman Rink. In 2019, the Trump Organization changed the name to Wollman Rink logos. Trump reported earning a lot of money from the two rinks. The contract to operate the rinks ended in April 2021.
Trump Winery
Trump Winery is a company that makes wine. It is located on Trump Vineyard Estates near Charlottesville, Virginia. Donald Trump bought the vineyard in April 2011. His son Eric manages the winery.
Golf Courses
The Trump Organization owns or manages sixteen golf courses. These are in the United States, Scotland, Ireland, and the United Arab Emirates. In 2015, Trump reported earning at least $176 million from his golf courses over 18 months.
Golf Courses in the United States
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- Trump International Golf Club, West Palm Beach, Florida
- Trump National Doral Miami: A large resort with five golf courses, hotel rooms, and a spa. Trump bought it in 2012 and spent a lot of money fixing it up.
- Trump National Golf Club, Bedminster, New Jersey
- Trump National Golf Club, Charlotte, North Carolina
- Trump National Golf Club, Colts Neck, New Jersey
- Trump National Golf Club, Hudson Valley, New York
- Trump National Golf Club, Jupiter, Florida
- Trump National Golf Club, Los Angeles
- Trump National Golf Club, Philadelphia
- Trump National Golf Club Washington, D.C., Potomac Falls, Virginia
- Trump National Golf Club, Westchester, New York
International Golf Courses
- Trump International Golf Club, Dubai: This golf course is owned by another company but managed by the Trump Organization.
- Trump International Golf Links and Hotel Ireland
- Trump International Golf Links, Scotland: A golf course built in Scotland. Its development was debated because of environmental concerns.
- Trump Turnberry: A historic golf resort in Scotland. Trump bought it in 2014.
- Trump World Golf Club, Dubai: A second golf course being built in Dubai. Its opening was delayed.
Using the Trump Name
Many builders pay Donald Trump to use his name on their properties and to be the public face of their projects. This means Trump does not own many of the buildings that have his name on them. This part of Trump's business is run by his children. There were 33 such projects, including seven "condo hotels." Trump has earned a lot of money from these deals.
- New York City Area:
- Trump Palace
- Trump Parc and Trump Parc East
- Trump Plaza
- 610 Park Avenue
- Trump SoHo (now The Dominick)
- Trump Bay Street and Trump Plaza in Jersey City
- Trump Plaza and Trump Tower at City Center in Westchester County
- Trump Parc Stamford in Connecticut
- Trump Park Residences in Shrub Oak, NY
- Florida:
- Trump Towers Sunny Isles Beach
- Trump Grande Ocean Resort and Residences
- Trump Hollywood
- Trump Tower (a project that was canceled)
- Other U.S. Locations:
- Trump Towers Atlanta (canceled)
- Trump Tower Philadelphia (canceled)
- Trump International Hotel and Tower Waikiki Beach Walk
- Trump International Hotel & Residence Phoenix (canceled)
- Trump International Hotel and Tower New Orleans (canceled)
- Trump International Hotel and Tower Chicago
- International Locations:
- Elite Tower, Israel (plans shelved)
- Trump International Hotel & Tower Lido Lake, Indonesia
- Trump International Hotel & Tower Vancouver, Canada (closed in 2020)
- Trump Towers Istanbul, Turkey
- Trump World Seoul, Korea
- The Palm Trump International Hotel and Tower, Dubai
- Trump Ocean Resort Baja Mexico (canceled)
- Trump at Cap Cana, Dominican Republic
- Trump Tower Manila, Philippines
- Trump Tower, Mumbai, India
- Trump Towers Pune, India
- Trump Towers, Gurugram, India (two projects)
- Trump Towers Kolkata, India
- Trump Tower Punta del Este in Uruguay
Trump International Hotels Management LLC
This company, now called Trump Hotels, manages Trump properties and hotels around the world. In 2012, Trump Hotels opened an office in Shanghai, China.
Former Properties
- Empire State Building: Trump owned half of this famous building for a time.
- General Motors Building: Trump partnered to buy this building and put his name on it.
- Grand Hyatt New York: Trump partnered to buy and fix up this hotel.
- Plaza Hotel: Trump bought this historic hotel.
- Hotel St. Moritz: Trump bought and sold this Manhattan hotel.
- Maison de L'Amitie: A large mansion in Palm Beach, Florida. Trump bought it and sold it for a large profit to a Russian businessman.
- Trump Golf Links at Ferry Point: Trump managed this New York City golf course.
- Trump Plaza: This hotel and casino closed in 2014 and was later taken down.
Scion and American Idea Hotels
Early in Trump's presidency, his sons announced two new hotel brands, Scion and American Idea. These were meant to be the "next generation" of the company. However, these plans were stopped in 2019.
Other Businesses and Investments
Trump owns many other businesses outside of real estate. These include a share in a financial services company. He also earns money from licensing his name for men's clothing. Trump earns money from book royalties and from his modeling agency. Until 2015, Trump owned the Miss Universe, Miss USA, and Miss Teen USA beauty pageants.
Trump has also put his name on many other products and services. Some of these include:
- Trump Financial (a mortgage company)
- Trump Sales and Leasing (for selling homes)
- Trump International Realty (a real estate company)
- The Trump Entrepreneur Initiative (a business education company, formerly Trump University)
- Trump Restaurants (in Trump Tower)
- GoTrump.com (a former online travel website)
- Select By Trump (coffee drinks)
- Trump Drinks (energy drink)
- Donald J. Trump Signature Collection (men's clothing and accessories)
- Fragrances (perfumes and colognes)
- Trump Ice (bottled water)
- Trump Magazine
- Trump Golf
- Trump Chocolate
- Trump Home (home furnishings)
- Trump Productions (a TV production company)
- Trump Institute (a lecture series about wealth)
- The Trump Network (a company that sold vitamins)
- Trump: The Game (a board game)
- Donald Trump's Real Estate Tycoon (a computer game)
- Trump books
- Trump Model Management
- Trump Shuttle (an airline)
- Trump Mortgage
- Trump Vodka
- Trump Steakhouse
- Trump Steaks
- Trump Media & Technology Group (TMTG), a technology company that runs 'TRUTH social'
- Trump Cards: In 2022, Trump allowed his name and image to be used for digital trading cards called non-fungible tokens (NFTs). These cards showed Trump as a superhero or a sheriff. They sold out quickly.
- Trump Sneakers: In February 2024, Trump introduced a line of sneakers with his brand.
- "God Bless the U.S.A. Bible": In March 2024, Trump started promoting a Bible that includes the U.S. Constitution and other documents.
The Trump Organization also had businesses started by Donald Trump's daughter Ivanka. These included a jewelry line and a high-end fashion and cosmetics line. These businesses were stopped in 2017 and 2018.
ACN, Inc.
From 2005 to 2015, Trump was paid to promote ACN Inc., a telecommunications company. He promoted their products on their website, DVDs, events, and on his TV show The Apprentice.
In 2018, four investors filed a lawsuit against Donald Trump and his children. They claimed fraud because the Trumps did not say they were being paid by ACN when they recommended the company. In 2020, a judge ordered the TV company that owned Celebrity Apprentice to release unaired tapes of the show. These tapes were to be used by the lawyers for the people who sued. Trump and his children were questioned in 2022. In May 2023, the investors dropped their claims against the children to make the lawsuit simpler. The trial is set for January 2024.
Trump Media & Technology Group
Trump started a new company called Trump Media & Technology Group (TMTG) in February 2021. Its goal was to provide "social networking services." It launched the social media platform Truth Social in 2022.
In October 2021, Trump announced that TMTG planned to merge with another company. This deal is being investigated by the U.S. Securities and Exchange Commission. In February 2022, TMTG launched Truth Social, which is similar to Twitter. As of March 2023, Trump Media was being investigated for possible money laundering.
Company Logos
Donald Trump has used several logos that look like coats of arms for his businesses.
After Donald Trump bought Mar-a-Lago in Florida in 1985, the Trump Organization started using a coat of arms that belonged to a previous owner. This logo was used at Trump golf courses and estates.
In 2008, Trump tried to use this logo at his new golf course in Scotland. But Scottish officials said he could not use it because it was not registered there. In January 2012, Trump showed a new coat of arms that had been given to his Scottish golf club.
A company executive said that the new coat of arms has symbols that represent the Trump family. The lion represents Scotland, and the stars represent America. The three V-shapes represent the sky, sand dunes, and sea. The two-headed eagle represents Trump's Scottish and German heritage. The eagle holds golf balls, referring to golf. The motto, Numquam Concedere, means "Never Give Up" in Latin, which is Trump's philosophy.
Since 2014, Trump has used the same logo for his golf resort in Ireland.
Images for kids
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The Trump Organization logo
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Trump Tower, headquarters of the Trump Organization
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Fred Trump in the 1980s
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Map highlights countries with properties that are either owned or licensed by the Trump Organization as of December 2016.
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The Trump World Tower at United Nations Plaza
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The Trump International Hotel and Tower (New York City) at Columbus Circle
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Bank of America Tower, 2nd tallest building in San Francisco
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Wollman Rink, Central Park
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Trump National Golf Club, Los Angeles
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Trump Turnberry golf course, Scotland
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Trump International Hotel, Las Vegas
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Turkish Prime Minister Erdoğan attended the opening of the Trump Towers Istanbul AVM in 2012.
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The coat of arms granted to Davies in 1939
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The coat of arms granted to "The Trump International Golf Club Scotland Ltd" in 2011
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Seal of New York (state)
