Trump wants to announce exactly how his business will be managed in the future in the future. Donald Trump now wants to withdraw completely from his company as soon as he becomes US president. The 70-year-old wrote on Wednesday on Wednesday that the step was not legally mandatory, but he wanted to concentrate fully on the state business. It remains unclear how sharp the separation should really be and what role his children will play. Trumps announcements on Twitter are quite vague.
On the platform, Trump writes that legal documents are currently being drafted to “completely remove them from business operations”. “The Presidency is by far the most important task,” writes Trump. It is important not to have any conflicts of interest. On 15 December, he would announce details in New York together with his children.
In the US, there is no law that forces Trump to sell or to manage its businesses. So far, entrepreneurs who have been president have mostly had a blind trust, an independent fund that takes over the management of their companies in a trustee. In this case, the President remains the owner, but lays down all the right of co-operation for the duration of his term of office. Shares, bonds and other liquid funds may be transferred to the Fund.
Trump had so far planned to entrust his group to the three oldest children as trustees, Donald Jr., Ivanka, and Eric – a construct that obviously sparked doubts among themselves: “I do not know if it can be called a blind trust Ivanka, Don and Eric lead him, “said the president in spe. Trump said he would like to “do something” to separate land and business.
Since Trump announced to inform the public together with his children, it remains questionable how autonomously his company premises should be managed in the future. Even if he were to withdraw formally from the conglomerate, it is hard to assume that his children will be able to lead the company completely independently. Another problem is that its golf clubs, high-rise buildings and hotels are closely linked to its name. The Trump brand is its most important asset.
Donald Trump is a controversial business man. With his casino business, he had repeatedly bankruptcy, his so-called university was suspected of having deceived students. Trump had only agreed a few days ago in a settlement on the payment of 25 million dollars of compensation.