The following is an excerpt from NICOLE GOODKIND | November 17, 2017 | newsweek.com |
The Trump Organization has tumbled 37 spots on the list of the largest privately held companies in New York after federal filings showed the real estate company makes 10 times less than previously reported.
Last year the Trump Organization reported nearly $9.5 billion in revenues, but public filings by President Donald Trump suggest that the company actually earned between $600 and $700 million in 2016. Crain's, a leading New York business publication, claimed that the Trump foundation had been reporting an inflated revenue since at least 2010. The publication moved the company from the number 3 spot on the list to number 40.
“It was obviously very important to Donald to have his company on the top of the list...but the numbers that he presented are just flagrantly untrue,” Crain’s senior reporter Aaron Elstein told NPR.
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