While global markets were crashing unprecedentedly, President Donald Trump was said to be making profits in Mar-a-Lago.
As average people were monitoring their 401(k)s and fretting over potential losses of their Social Security benefits, Trump’s family was promoting various distinct revenue-generating ventures, according to a report by The New York Times on Saturday.
In an article In an article titled "Trump Family’s Coffers Overflow During Market Turmoil," the Times notes, "A lavish event took place during a Saudi-supported LIV Golf tournament held at the president’s Doral resort in Florida, along with a fundraising gala at Mar-a-Lago, all while financial markets were declining sharply."
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This report, featuring insights from Maggie Haberman—who has witnessed Trump reacting strongly to her coverage—indicates that as President Trump took off aboard Air Force One heading to Florida on Thursday, both a significant downturn in financial markets was occurring and he had plans for an eventful trip. His itinerary included participating in a Saudi-supported golf competition at his family-owned Miami resort along with hosting multiple fundraising activities over the weekend aimed at drawing in several hundred contributors to his Palm Beach estate.
Covering the proceedings from within, the Times notes that this served as a chance for Trump "to funnel business towards his personally owned property enterprises," a behavior he has maintained "even amidst global economic upheavals triggered by his activities in Washington."
The Trump family's revenue-generating event commenced on Thursday evening when groups gathered at two locations: the Trump National Doral resort close to Miami International Airport and independently at his Mar-a-Lago club about 112 kilometres north along the coastline. As stated in the report, Mr. Trump arrived at the site via a military helicopter, landing beside one of the golf courses—just in time for an evening dinner at Doral. On Friday, LIV Golf, a rival pro tour supported by Saudi Arabia’s public investment fund, had planned to host their fourth competition on this very course.
The report, labeling the occasion as the Trumps' "profitable weekend," goes on to say:
On Friday, with markets still declining, thousands of golf enthusiasts went to Doral. Also present were Eric Trump, who is Mr. Trump’s son, and Yasir Al-Rumayyan, Governor of Saudi Arabia. $925 billion A sovereign wealth fund leader. Mr. Al-Rumayyan serves as the chairperson of LIV Golf, and he attended to watch the tournament's participants."
The report also states, "To put it simply, the economic unrest appeared distant."
Find the complete report here.