The President-elect tweeted his intention to step away from his businesses in order to prioritize his Presidential duties, amid concerns of an unprecedented conflict of interest.
Today, Mr Trump took to social media to announce the change. He tweeted:
I will be holding a major news conference in New York City with my children on December 15 to discuss the fact that I will be leaving my …
— Donald J. Trump (@realDonaldTrump) November 30, 2016
great business in total in order to fully focus on running the country in order to MAKE AMERICA GREAT AGAIN! While I am not mandated to ….
— Donald J. Trump (@realDonaldTrump) November 30, 2016
do this under the law, I feel it is visually important, as President, to in no way have a conflict of interest with my various businesses..
— Donald J. Trump (@realDonaldTrump) November 30, 2016
Mr Trump is later expected to detail his intention to delegate his businesses to his family members. His eldest daughter Ivanka Trump is currently Executive Vice President of Development & Acquisitions at the Trump Organization. During the election, the Real-estate magnate has came under criticism for nepotism, after allegedly allowing his children to be present during classified intelligence briefings despite their lack of official clearance to do so.
Amongst his various business ventures, Mr Trump counts real-estate, golfing developments and casinos as his areas of specialty. Whilst four of Mr Trump’s businesses have been declared bankrupt in the past, Forbes estimates his net worth to be around $3.7 billion. The billionare has insisted that such claims infact represented an astute business decision. During one of the presidential debates, he argued “I used the law four times and made a tremendous thing. I’m in business. I did a very good job.”
In addition, the future President has thus far stated that he will not accept a salary during his time as President. Whilst his supporters have praised the decision and his commitment to the country, this is not an uncommon occurrence in the history of wealthy American Presidents. President John F. Kennedy and Herbert Hoover were also among those to forgo the income associated with the oval office.
The Republican has thus far named several members of his cabinet, amidst speculation that he may name Mitt Romney as his Secretary of State. Mr Romney had been vocally critical of Trump’s candidacy, however has recently appeared to soften his stance. Despite previously referring to The president-elect as a “phony” and refusing to attend the Republican convention, Mr Romney recently praised his ability to resonate “with the American people in a very powerful way.”
Mr Trump is set to be inaugurated as the 45th President of the United States as of January after his unexpected victory earlier in October.