Corporate America raised a big stink after the Capitol riot, but it didn’t actually do much of significance—other than present Donald Trump with an opportunity to make more money.
. A year later, however, it’s clear that the backlash didn’t cripple Trump’s business. In fact, it may have strengthened it.part, the organizations that managed to sever ties didn’t have strong connections in the first place. Shopify, for example, had hosted a website on which the Trump Organization sold merchandise. Shopify shut down the store after the attack, but the Trump Organization found another way to get the website up and running by the end of the month.
The Professional Golfers’ Association decided to take away the 2022 PGA Championship from Trump’s club in Bedminster, New Jersey. That move probably hit the former president’s ego harder than it hit his wallet. Losing an event like the PGA Championship might wipe away a couple million in revenue, not a huge amount for a golf operation that does more than $200 million in sales most years.
In a more significant move, New York City announced it was canceling three contracts it had with the Trump Organization, which was operating a carousel, a couple of skating rinks and a golf course as part of deals with the city. The carousel and skating rinks, which generated $10 million of annual revenue, are now in the hands of other firms. But a year after the announcement, the Trump Organization is still in control at the golf course, which generates about $7 million a year.
One thing that could have really hurt Trump is if a bunch of his tenants had started fleeing buildings. After all, an estimated one-third of his revenue and two-thirds of his annual profit comes from his commercial real estate holdings. Getting out of long-term leases, however, is difficult, as the Girl Scouts of Greater New York apparently found out. A nonprofit named TB Alliance also said it was looking leave 40 Wall Street, then ended up staying.
Several Trump tenants, like Goldman Sachs and JPMorgan Chase, made statements about pausing donations to lawmakers after January 6. But neither Goldman nor JPMorgan pledged to vacate the offices they occupy in buildings where Trump has a stake. Two months after the riot, word got out that those firms had in fact renewed their leases. Other companies—including
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