Core Trump Asset—His Brand—Transformed as He Returns to Business

Donald Trump, years ago, famously suggested his brand’s value fluctuates based on his feelings on any given day. But it has more to do with how people feel about him.

Trump has long wrapped himself in a personal brand he valued as high as $4 billion before he became president. Successes like Trump Tower and “The Apprentice” helped absorb flameouts like his airline, casinos, and steaks, helping him get elected president despite six bankruptcies, fraud and discrimination lawsuits, and sexual assault allegations.

But now a divisive presidency capped by a deadly riot on Capitol Hill has stirred unprecedented brand-altering forces. ...