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From a financial standpoint, Trump’s social-media venture is one of the most absurd businesses in America, generating sales of just $3.4 million in the 12 months through June and recording a net loss of $380 million. Revenues are down nearly 10 percent over the previous year, even while Trump dominates most news cycles. Yet Trump-loving traders bid up shares to head-scratching prices, boosting the value of Trump’s majority stake. If someone other than the former president were behind the company, investors would probably peg it near zero.

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The former president has a stake in the Manhattan skyscraper that is five blocks south and one block west of Trump Tower, but he has no control over the building. It is overseen by Steven Roth, CEO of Vornado Realty Trust, who served on the economic advisory council of Trump’s 2016 campaign.

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Online shopping wounded buildings like this, a glitzy, 65,000-square-foot space just off Fifth Avenue, in the middle of what was once one of the world’s busiest retail locations. High-priced sales coming out of the pandemic injected a dose of optimism, however.

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Trump and his partner, Vornado Realty Trust, refinanced their San Francisco tower shortly after he left office, more than doubling their debt load. Vornado hedged the variable interest rate on the new loan, while Trump initially let his portion float, costing him millions of dollars.

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A Forbes analysis of records suggests that Trump lied about the size of Trump Tower, claiming it included 246,000 square feet of retail and office space. Property records list 235,000 square feet, 53,000 of which cover less-valuable common elements like elevators, public restrooms and mechanical spaces.

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One month after entering the Oval Office, Trump sold a penthouse apartment in Trump Park Avenue for $15.9 million. The buyer: Angela Chen, who apparently helmed a business called Global Alliance Associates, which boasted on its website that it could leverage its network with “the........

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