"Even though I am not mandated by law to do so, I will be leaving my busineses (sic) before January 20th so that I can focus full time on the Presidency," the president-elect announced on Twitter late Monday.
"Two of my children, Don and Eric, plus executives, will manage them. No new deals will be done during my term(s) in office," he added.
The brief statement came after Trump postponed until sometime next month a news conference originally scheduled for tomorrow at which he intended to unveil arrangements for his business after he takes office.
Those accusations have not been eased by the largely private nature of his conglomerate The Trump Organization, which is not listed on the stock market but whose network of hotels, golf clubs and luxury residential towers stretches across 20 countries, from Britain to Dubai, from the Philippines to India.
The company releases no public statistics and in the absence of tax returns, which the billionaire has still refused to publish, relatively little is known about the extent of its interests.
Even Trump's personal fortune is in dispute. After launching his presidential bid last June, he declared himself worth USD 10 billion. Forbes estimated his fortune at USD 3.7 billion in October and Bloomberg at USD 2.9 billion in 2015.
The company serves as an umbrella organization for numerous assets, which today mostly revolve around Trump's marketing savvy.
Moving on from big investments of the 1980s -- such as Trump Tower, the company headquarters which opened in 1983 -- the company today mostly licenses the Trump name to a plethora of projects that he does not actually own.
Although he is not the owner, Trump has already been paid as much as USD 5 million for allowing use of his name, according to CBS.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
