A Saudi prince helped save Trump from bankruptcy—twice
Donald Trump claimed on Twitter today that he has no “financial interests in Saudi Arabia.” But his financial ties to the kingdom go back a very long way.
In 1991, Donald J. Trump was a mid-tier real estate developer with $900 billion in debt, a collapsing casino business,
A helpful burst of cash from a Saudi prince eased some tension with his creditors. Alwaleed bin Talal bought Trump’s yacht for somewhere between $18 million and $20 million (reports vary).
In 1995, Trump was still in deep trouble—and Alwaleed swooped in again. The prince, who calls himself the “Warren Buffett of Saudi Arabia,” took over Trump’s 51% stake in his beloved New York Plaza hotel.
As a result, Trump’s creditors forgave $125 million of his debt.
Quartz
https://qz.com/1425852/a-saudi-prince-helped-save-trump-from-bankruptcy-twice/amp/