Trump Media and Tech Group (Politics Allowed~Non-Moderated)

[oystersnbeer]

Trump Cash Stockpile at Risk From $450 Million Dual Verdicts

Donald Trump is facing a pair of major legal verdicts in New York that risk wiping out most — if not all — of the cash the billionaire says he has on hand, a potential blow to the presidential candidate whose persona is tied up with financial success and wealth.

Trump on Friday was ordered by a jury to pay $83.3 million to writer E. Jean Carroll for defaming her in 2019 when he denied her sexual-assault allegation. On top of that, a verdict is expected this week in New York’s civil fraud trial, which seeks the return of $370 million in “illegal profits” Trump allegedly made by lying to banks about his wealth to get better terms on loans. In a deposition last year, Trump described his stockpile of cash as being “substantially in excess” of $400 million.

The Bloomberg Billionaires Index placed his liquid assets at about $600 million, though Trump’s exact financial status remains famously opaque. The prospect of being hit with damage awards totaling more than $450 million in less than a week points to the potential for a cash problem. The two lawsuits sought to punish Trump financially. If the judge in the New York fraud case accepts the attorney general’s $370 million request, both will have succeeded in hitting at the billionaire’s wealth.

The timing couldn’t be worse as the likely Republican nominee for the November presidential election already faces mounting legal bills after being charged with 91 criminal offenses in four criminal prosecutions. Trump’s cash and his overall wealth are separate from his campaign finances, which by all accounts are still strong, but that money can’t be used to finance these verdicts.

https://www.bloomberg.com/news/articles/2024-01-29/trump-s-cash-stockpile-at-risk-from-450-million-dual-verdicts