Time: 2024-06-28
Donald Trump, the former President of the United States, has been facing a challenging year financially. He was recently found guilty of 34 felony counts of falsifying business records and is set to be sentenced on July 11. This comes after he faced multiple civil case rulings with hefty penalties, including having to pay writer E Jean Carroll $83.3 million for defamation.
In another ruling, Trump and his adult sons, Eric Trump and Donald Trump Jr, were found liable for financial fraud and ordered to pay fines amounting to $355 million. Despite Forbes estimating Trump's net worth at $2.6 billion, the legal judgments against him pose a significant risk to his financial standing.
In the civil fraud trial in New York, Trump and his associates were found guilty of submitting false financial data to obtain favorable rates on properties. The court ordered them to pay fines, with Trump struggling to find financial backers to help him post the bond. Eventually, the bond was reduced to $175 million, which he managed to post with the help of an insurance company.
In a separate trial, Trump was found liable for defaming E Jean Carroll and ordered to pay her $83.3 million in damages. He posted a bond of $91.6 million to appeal the ruling and halt collections while the appeal process unfolds.
Despite his estimated net worth, Trump's liquid assets may not be enough to cover his legal obligations. Forbes calculated that he has around $426 million in cash and liquid assets, which may not be sufficient to pay off the fines from the civil cases. Bloomberg estimated that the penalties could potentially eat into Trump's net worth by as much as 15 percent.
Trump's refusal to release his financial records during his presidency has made it challenging to determine his exact fortune. While previous presidents have shared their financial information with the public, Trump's lack of transparency has raised questions about his financial stability amidst the legal challenges he is facing.
Business
