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$600 million (estimate, 2024) |
| Owner | Donald Trump |
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Number of employees
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22,450 (2015) |
| Subsidiaries |
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The Trump Organization, Inc. is a large American company that owns many different businesses. It is privately owned by Donald Trump. The company acts as a main business that holds many of Trump's other 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 renamed it around 1974. In 2017, after he became president, he handed over the leadership to his children.
Through its many companies, the Trump Organization has been involved in building, buying, selling, and managing properties. These properties include hotels, homes, resorts, tall buildings (skyscrapers), and golf courses in different countries. The company has also worked in construction, hotels, entertainment, publishing, retail, and financial services. It even owned the TV production company that made the show The Apprentice.
The exact value of the Trump Organization's businesses is not publicly known because its financial records are private. There have been many different guesses about its value. Donald Trump has been accused of making his company's properties seem more valuable than they were, especially when talking to the media.
In recent years, the Trump Organization has faced questions from investigators in New York about its financial practices. In 2021, prosecutors brought charges against the organization related to a tax plan. In 2022, a top financial officer of the company admitted to some wrongdoing. Later that year, a civil lawsuit was filed against the organization. In December 2022, the organization was found responsible for some financial issues. In September 2023, a judge ruled that the company and some family members had made false statements about their property values. This led to significant restrictions on their business activities in New York. In February 2024, the judge ordered them to pay a large amount of money. This amount was later lowered to $175 million in March 2024, which was paid in April 2024.
Contents
Company History
Early Beginnings
Donald Trump's grandparents, Frederick Trump and Elizabeth Christ Trump, were immigrants from Germany. They moved to Queens, New York, in 1907. Frederick started building homes there. After he passed away in 1918, Elizabeth continued the real estate business. She hired builders to construct houses on the land Frederick owned, sold them, and earned money from the loans she gave to buyers.
Donald Trump's father, Fred Trump, became a carpenter after high school in 1923. He built his first home in 1924. In 1927, when Fred turned 21, the company "E. Trump & Son" was officially started. This name had been used by Elizabeth in ads since 1921.
In 1929, Fred led the company to build more expensive homes in Jamaica Estates. During the Great Depression, the company faced difficulties. In 1933, Fred opened a supermarket called "Trump Market" but soon sold it to return to real estate. Around this time, Fred Trump and a partner bought a company that managed home loans. This helped Trump get access to properties that were about to be taken by banks, which he bought cheaply and sold for a profit. He became known as a successful young businessman in New York City. In 1935, the company moved to Brooklyn, where Fred built many single-family homes.
During World War II, Trump built apartments and temporary homes for military staff. In 1944, he focused on Brooklyn again, planning large apartment buildings. He opened the Shore Haven complex in 1949, followed by Beach Haven in 1950 and Trump Village in 1964.
Donald Trump's Leadership
Donald Trump worked for his father's business while studying at the University of Pennsylvania. In 1968, he officially joined the company. In the early 1970s, Fred became the chairman, and Donald became the president. Around 1973, Donald started calling the business the "Trump Organization." Before this, it had different names like the Fred C. Trump Organization.
Fair Housing Lawsuit
In 1973, the U.S. government filed a lawsuit against the Trump Organization. They were accused of not following the Fair Housing Act of 1968. This law makes it illegal to refuse to rent to people based on their race. Tests showed that white people were offered apartments in Trump-owned buildings, but Black people were not. Court records showed that applications were sometimes marked by race.
In 1975, the company agreed to a settlement. This agreement required them to advertise available apartments in newspapers that reached minority groups and to list vacancies with the Urban League.
New York City Projects
Donald Trump focused on big building projects in Manhattan. These included renovating the Commodore Hotel into the Grand Hyatt New York (opened in 1980). He also built Trump Tower (1983) and Trump Plaza (1984). He opened three casino hotels in Atlantic City, New Jersey: Trump Plaza (1984), Trump Castle (1985), and Trump Taj Mahal (1990).
In 1989, officials ordered the Grand Hyatt New York, partly owned by the Trump Organization, to pay $2.9 million in rent to New York City. 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 difficulties. Donald Trump and his companies owed $4 billion to 72 banks. Trump worked to reorganize his debts and gave up some properties, like the Trump Shuttle airline and part of the Plaza Hotel. In 1995, Trump launched a public company for his casinos, Trump Hotels & Casino Resorts. By 1996, he was seen as making a comeback. However, the casino company later faced bankruptcy, and Trump lost his ownership in it.
In 1997, Fred Trump transferred his apartment buildings to his four children. He reported their value as $41.4 million for tax purposes. Fred passed away in 1999. In 2004, the children sold these apartments for $737.9 million, ending the family's ownership of their father's original business.
Company Funding
After facing financial problems in the early 1990s, Trump found it hard to borrow money from many major banks. Deutsche Bank became a significant lender to Trump, providing him with about $425 million in 1998. This bank also faced issues for its own practices, including money laundering. From 2000 to 2016, Trump borrowed $2 billion from Deutsche Bank.
In 2000, the Trump Organization partnered with a German company to build a "Trump Tower Europe" skyscraper. However, the project did not move forward, and the partnership ended in 2005.
By 2016, there were claims that the Trump Organization often did not pay its contractors or workers fully for their services. Many lawsuits were filed by people who said they were not paid.
Donald Trump Jr. mentioned in 2008 that many wealthy Russian individuals were investing in their high-end properties in the U.S. A golf writer claimed that in 2014, Eric Trump said the organization did not rely on American banks for funding its golf courses, getting money from Russia instead. Eric Trump later denied this statement. The organization has many projects in other countries, which raised questions about potential conflicts of interest when Donald Trump became president.
Property Value Discussions
The exact value of the Trump Organization's properties is not public. Donald Trump has been accused of making his properties seem more valuable than they were, especially to media outlets like Forbes magazine, to boost his public image. He has not released many official financial documents to prove his claims.
In 2021, The Washington Post reported that between 2011 and 2015, the Trump Organization presented much higher values for some properties to potential lenders than to tax officials. For example, the 40 Wall Street building was valued at $527 million to lenders but only $16.7 million to tax officials in 2012. Prosecutors in New York looked into these differences. In February 2022, the accounting firm Mazars, which worked for the Trump Organization, said it would no longer stand by its financial statements for the company from 2010 to 2020.
During Trump's Presidency
On January 11, 2017, before becoming president, Donald Trump announced that he and his daughter Ivanka would step down from their roles. His sons, Donald Jr. and Eric, along with Chief Finance Officer Allen Weisselberg, took charge of the businesses. Trump placed his companies into a special trust, but he still kept his financial ownership.
His lawyer stated that the Trump Organization would not start any new foreign business deals. However, they continued with some existing international projects and new deals within the U.S. Eric Trump said they would keep his father updated on the business, which raised concerns among ethics experts.
In March 2017, Forbes magazine listed the "36 mini-Trumps," referring to the partners the Trump Organization worked with. Many of these partners attended Trump's inauguration and stayed at the Trump International Hotel in Washington, D.C.
In April 2020, during the COVID-19 pandemic in the United States, Eric Trump said the Trump Organization asked for rent relief for its Trump International Hotel from the federal government. By September 2020, it was revealed that Trump's properties had charged the government over $1.1 million since the start of his presidency for services like renting a cottage for the Secret Service. Political campaign money was also spent at Trump properties, estimated at $10–17 million.
Business Concerns
Concerns about business interests arose when China approved many trademarks for Trump's businesses soon after he became president. These trademarks were for hotels, restaurants, and other services. In 2018 and 2019, China granted more trademarks to Trump-owned companies and Ivanka Trump while the U.S. and China were discussing trade.
In January 2024, a report from the U.S. House Committee on Oversight and Accountability stated that foreign governments had paid over $7.8 million to Trump-owned businesses during his presidency.
Financial Investigations
| 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 |
In August 2018, the Manhattan district attorney looked into the organization's accounting related to a payment made by Trump's former lawyer, Michael Cohen.
In October 2018, The New York Times published an article about Donald Trump's inheritance. It described how Trump and his siblings handled their parents' properties, which led to questions about how taxes were paid.
Michael Cohen told Congress in February 2019 that Trump sometimes made the organization's assets seem larger for things like getting on the Forbes wealthiest list, and smaller to reduce real estate taxes. Following this, the New York State Department of Financial Services requested information from Aon, the organization's insurance broker. By September 2019, the organization was under federal investigation regarding claims of inflated insurance values.
In January 2020, the D.C. Attorney General sued the organization and Trump's inaugural committee. The lawsuit claimed that money meant for the inauguration was improperly used for events at the Trump Hotel. In May 2022, the organization and inaugural committee agreed to pay a $750,000 settlement to two D.C. nonprofits.
In August 2020, the New York Attorney General (AG), Letitia James, announced a civil investigation into the organization's asset valuations. The Manhattan DA also suggested the organization was being investigated for bank and insurance issues. Eric Trump was questioned in October 2020 and reportedly used his right to remain silent over 500 times.
In May 2021, the New York AG's office joined the Manhattan DA's office in a criminal investigation of the organization. By June 2021, the chief financial officer, Allen Weisselberg, and chief operating officer, Matthew Calamari, were under scrutiny.
Legal Proceedings
On July 1, 2021, the Manhattan district attorney brought charges against the Trump Organization for a "scheme to defraud the government" and falsifying business records. They also brought charges against Allen Weisselberg, claiming he received about $1.76 million in undeclared benefits like free rent and car leases. Both the organization and Weisselberg said they were not responsible. Weisselberg later used his right to remain silent over 500 times.
By November 2021, prosecutors were looking at several of the organization's properties where much higher values were given to potential lenders than to tax officials between 2011 and 2015. In December 2021, the New York AG requested to question Trump and his two oldest children in the civil case.
In January 2022, the AG stated that they had found "significant evidence" that Donald J. Trump and the Trump Organization had falsely valued assets. A judge ordered the Trumps to testify. In December 2022, a New York jury found the Trump Organization responsible for some financial issues related to tax practices.
New York Civil Lawsuit
On September 21, 2022, Attorney General Letitia James filed a civil lawsuit against Trump, his three oldest children, and the organization. The suit claimed they had greatly exaggerated Trump's net worth by billions of dollars. It asked for $250 million in penalties and 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 judge approved an independent monitor to oversee the organization's finances to prevent future issues.
In September 2023, the judge in the civil suit ruled that Trump, his adult sons, and the Trump Organization had repeatedly made false statements about their property values. The judge ordered their New York business licenses to be canceled and their business entities to be overseen for possible dissolution. In February 2024, the judge ordered Trump to pay over $350 million plus interest, totaling over $450 million. He was also barred from leading any New York company for three years. His sons, Donald Jr. and Eric, were ordered to pay over $4 million each and barred from serving as directors of any New York firm for two years. The company was also placed under the supervision of a court-appointed monitor. In March 2024, the required payment was lowered to $175 million, which Trump paid.
Business Restrictions
In September 2023, the judge overseeing the civil lawsuit ruled that Trump, his adult sons, and the organization had repeatedly made false statements about their property values. The judge ordered their New York business licenses to be canceled and their business entities to be overseen for possible dissolution. This was described as a "corporate death penalty" by some observers, meaning severe restrictions on their ability to do business.
Real Estate Holdings
As of 2019, Forbes estimated Trump's net worth at $3.1 billion. About half of this came from his real estate in New York City, and about a third from his properties (like hotels and golf courses) across the U.S. and internationally. The company also earns money from licensing fees, where other owners pay to use the Trump name on their properties.
Key Properties
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- Trump Tower, New York City: A 58-story building that is the main office of the Trump Organization. It opened in 1983. Donald Trump owns the office and retail parts of the tower. His main home was a penthouse apartment in this building until he moved to the White House.
- Trump World Tower, New York City: Another tall building near the United Nations Plaza.
- AXA Financial Center in Manhattan and 555 California Street in San Francisco: Trump owns a 30 percent share in these two office buildings.
- The Trump Building at 40 Wall Street: Trump bought the lease for this building in 1995 and renovated it.
- Trump International Hotel and Tower Chicago: A large project in Chicago.
- Trump International Hotel Las Vegas: A joint project with Phil Ruffin.
- Trump International Hotel and Tower New York: Trump lent his name and expertise to this building's renovation in 1994.
- Trump Park Avenue, New York City: 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, which Trump turned into a private resort for members. He also owns two nearby houses.
- Seven Springs: A large estate in Bedford, New York, that Trump bought in 1995. He had plans to develop it but later stopped those plans.
- Beverly Hills house: A home in Beverly Hills, California, that Trump bought in 2007 and sold in 2019.
Skating Rinks
In 1986, Trump rebuilt the Wollman Rink in Central Park, New York City, ahead of schedule and under budget. He was given permission to operate the rink, and later the Lasker Rink, until 1995.
In 2001, a Trump-owned company won another contract to operate the rinks until April 2021. The Trump name was visible at the Wollman Rink. The Trump Organization's contract to operate the rinks ended in April 2021.
Trump Winery
Trump Winery is a vineyard located near Charlottesville, Virginia. It is valued between $5 million and $25 million.
Trump bought the vineyard in April 2011. It officially opened in October 2011. Trump's son Eric manages the winery.
Golf Courses
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The Trump Organization owns or manages sixteen golf courses in the United States, Scotland, Ireland, and the United Arab Emirates. As of 2015, Trump reported earning at least $176 million from his golf courses over 18 months.
United States Golf Courses
- Trump International Golf Club, West Palm Beach, Florida
- Trump National Doral Miami: A large resort with five golf courses, hotel rooms, and other facilities. Trump bought it in 2012 and spent a lot on renovations.
- 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: A golf course managed by the Trump Organization.
- Trump International Golf Links and Hotel Ireland
- Trump International Golf Links, Scotland: A golf course built in Balmedie, Scotland. Its development was debated due to environmental concerns.
- Trump Turnberry: A historic golf resort in Scotland that Trump bought in 2014.
- Trump World Golf Club, Dubai: A second golf course under construction in Dubai.
Real Estate Licensing
Many developers pay Donald Trump to use his name and market their properties. This means Trump does not own all the buildings that have his name on them. This part of Trump's business is run by his children. Forbes estimated its value at $562 million. There were 33 licensing projects, including seven "condo hotels." Trump has earned over $74 million from these deals.
- Manhattan:
- Trump Palace
- Trump Parc and Trump Parc East
- Trump Plaza
- 610 Park Avenue
- Trump SoHo (now The Dominick)
- New York City suburbs:
- Trump Bay Street
- Trump Plaza
- Trump Plaza
- Trump Tower at City Center
- Trump Parc Stamford
- Trump Park Residences
- Florida:
- Trump International Hotel and Tower Fort Lauderdale: Trump ended his involvement in 2009.
- 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 project.
- Trump Tower: A project in Philadelphia that faced bankruptcy.
- Trump International Hotel and Tower Waikiki Beach Walk
- Trump International Hotel & Residence: A proposed project in Phoenix, Arizona, that was canceled.
- Trump International Hotel and Tower: A project in New Orleans that was canceled.
- Trump International Hotel and Tower Chicago
- International Locations:
- Elite Tower, Ramat Gan, Israel: A planned skyscraper that was shelved.
- Trump International Hotel & Tower Lido Lake, West Java, Indonesia: Trump Hotels is involved in this large development.
- Trump International Hotel & Tower Vancouver, Vancouver: Completed in 2016, the hotel closed in March 2020.
- Trump Towers Istanbul, Istanbul, Turkey
- Trump World Seoul, Korea
- Daewoo Trump World Centum, Busan, Korea
- The Palm Trump International Hotel and Tower, Dubai
- Trump Ocean Resort Baja Mexico: A planned hotel condominium that collapsed.
- Trump at Cap Cana, Dominican Republic.
- Trump Tower Manila, Makati City, Metro 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 Punta del Este, Uruguay.
Trump International Hotels Management LLC
This company, also known as Trump Hotels, manages Trump properties and Trump-branded hotels, residential buildings, and golf courses worldwide.
In 2008, Trump Hotels planned to build the tallest skyscraper in Guangzhou, China, but the project fell apart during a global economic downturn. In 2014, they partnered with a large Chinese state-owned company for a major development in Beijing, but this project was abandoned during Trump's 2016 presidential campaign.
Former Licensed Properties
- St. Regis Toronto hotel and condo tower: Formerly Trump International Hotel and Tower, it was renamed in 2017 and 2018.
- JW Marriott Panama hotel and condo tower: Formerly Trump Ocean Club International Hotel and Tower, it was renamed in 2019.
Abandoned Projects
- Trump Tower, Batumi: In 2011, Trump licensed his name for a Trump Tower in Batumi, Georgia. The project was canceled after Trump became president.
Former Properties
- Central Park Carousel: Trump managed this merry-go-round in Manhattan's Central Park from 2010 until April 2021.
- Empire State Building: Trump owned 50 percent of this famous skyscraper from 1994 to 2002.
- General Motors Building at Trump International Plaza: Trump partnered to buy this Manhattan office building in 1998 and sold it in 2003.
- Grand Hyatt New York: Trump partnered to buy and renovate the Commodore Hotel, selling his share in 1996.
- Plaza Hotel: Trump bought this historic Manhattan hotel in 1988 and sold his remaining ownership in 1995.
- Hotel St. Moritz: Trump bought this Manhattan hotel in 1985 and sold it in 1988.
- Maison de L'Amitie: A large mansion in Palm Beach, Florida. Trump bought it in 2004 and sold it in 2008.
- Trump Golf Links at Ferry Point: Trump managed this New York City-owned golf course from 2015 until 2023.
- Trump Plaza: This hotel and casino closed in 2014 and was later taken down in 2021.
New Hotel Brands
Early in Trump's presidency, his sons Eric and Donald Jr. announced two new hotel brands, Scion and American Idea. These ventures were stopped in early 2019, with only one hotel in Mississippi remaining unfinished.
Other Businesses and Investments
Trump owns many other businesses outside of real estate. These include a share in a financial services company, earnings from clothing licensing, book royalties, and his involvement with Trump Model Management. Until 2015, Trump owned the Miss Universe, Miss USA, and Miss Teen USA pageants.
Trump has also licensed his name for many products and services, with mixed success. Some of these ventures include:
- Trump Princess superyacht
- Trump Financial (a mortgage firm)
- Trump Sales and Leasing (residential sales)
- Trump International Realty (real estate brokerage)
- The Trump Entrepreneur Initiative (a business education company, formerly Trump University)
- Trump Restaurants
- GoTrump.com (a former online travel search engine)
- Select By Trump (coffee drinks)
- Trump Drinks (energy drink)
- Donald J. Trump Signature Collection (menswear and accessories)
- Fragrance product lines
- Trump Ice (bottled water)
- Trump Magazine
- Trump Golf
- Trump Chocolate
- Trump Home (home furnishings)
- Trump Productions (television production company)
- Trump Institute (a lecture series)
- The Trump Network (a multi-level marketing company)
- Trump: The Game (board game)
- Donald Trump's Real Estate Tycoon (business-simulation game)
- Trump books
- Trump Model Management
- Trump Shuttle (an airline)
- Trump Mortgage
- Trump Vodka
- DJT Restaurant and Bar
- Trump Steaks
- Trump Media & Technology Group (TMTG), which runs the social media app 'TRUTH Social'
- Trump Cards (digital trading cards, non-fungible tokens or NFTs)
- Trump Sneakers (a line of sneakers)
- Official Trump Watch Collection
- $TRUMP and $MELANIA cryptocurrency tokens
- Trump Mobile (a mobile phone service)
In 2005, Trump reportedly received $1.5 million for a one-hour lecture. Later, he stated he was paid $400,000.
The Trump Organization also housed businesses started by Donald Trump's daughter Ivanka, including Ivanka Trump Fine Jewelry and the Ivanka Trump Lifestyle Collection. These businesses were stopped in 2017 and 2018.
In March 2024, Trump started promoting the "$60 God Bless the U.S.A. Bible." This Bible includes the King James translation, the U.S. Constitution, and other historical documents. The website selling it says it's "the only Bible endorsed by" Trump. After an event in July 2024, a version of the book was released with "The Day God Intervened" on the cover. In October 2024, it was reported that nearly 120,000 of these Bibles were shipped from China.
ACN, Inc.
From 2005 to 2015, Trump was paid $8.8 million to promote ACN Inc., a telecommunications company. He promoted their products on their website, DVDs, at events, and on his TV show The Apprentice.
In 2018, four investors filed a lawsuit against Donald Trump and his children. They claimed that the Trumps did not reveal they were being paid by ACN when they recommended the company as a good investment. The lawsuit was allowed to continue in 2019. In 2020, a judge ordered MGM, the owner of Celebrity Apprentice, to release unaired tapes of the show related to ACN. Trump and his children were questioned in 2022. In May 2023, the investors dropped their claims against the children to simplify the case.
Trump Media & Technology Group
Trump registered a new company, Trump Media & Technology Group (TMTG), in February 2021. Its goal was to provide "social networking services" in the United States. It launched the social media platform Truth Social in 2022.
In October 2021, Trump announced that TMTG planned to merge with Digital World Acquisition, a special company used for mergers. This transaction is being investigated by the U.S. Securities and Exchange Commission. In February 2022, TMTG launched Truth Social, a social media platform similar to Twitter.
Coats of Arms
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Donald Trump has used several logos that look like coats of arms for his businesses.
Joseph E. Davies, a former U.S. ambassador, was given a coat of arms with the motto Integritas in 1939. After Donald Trump bought Mar-a-Lago in 1985, the Trump Organization started using a modified version of Davies's coat of arms at Trump golf courses and estates. It was also registered with the U.S. patent and trademark office.
In 2008, Trump tried to use this logo at his new Trump International Golf Links in Scotland. However, he was told by the Scottish heraldic authorities that he could not use unregistered arms. In January 2012, Trump revealed a new coat of arms that had been granted to "The Trump International Golf Club Scotland Ltd" in 2011.
A representative for the Scottish golf club explained that the new coat of arms combines symbols of the Trump family's heritage. The Lion Rampant represents Scotland, and the stars represent America. Three chevronels symbolize the sky, sand dunes, and sea, which are important parts of the golf course location. The double-headed Eagle represents Trump's dual heritage (Scottish and German). The Eagle holds golf balls, referring to the sport, and the motto Numquam Concedere is Latin for "Never Give Up," which is Trump's philosophy.
Since 2014, Trump has used the same logo for "The Trump International Golf Links, Ireland."
Images for kids
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Fred Trump in the 1980s
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See also
In Spanish: The Trump Organization para niños
