• Sun. May 19th, 2024

TrumpIsBroke trend as former US president failed to secure bonds to pay of his debt

#Trumpisbroke is currently trending on (X) formerly Twitter over reports that Trump Tower is about to be under new management after Former President Donald Trump couldn’t come up with a bond for the 464 million he owes despite approaching 30 different companies to back him.

Donald Trump was charged to pay over $350 million in damages, with the possibility of additional interest charges amounting to $100 million. Legal experts assert that even a man of the former president’s wealth will experience the impact.

According to former federal prosecutor Diana Florence, he won’t abruptly transition to the working class, but the financial burden will be substantial. His fortune will undergo significant reduction.

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The judge issued the final ruling on Friday, mandating Mr. Trump to settle the damages and imposing a three-year business ban within the state. However, the decision falls short of completely dissolving the Trump family business.

Despite Mr. Trump’s denial of fraud, an appeal is anticipated, which would temporarily suspend the ruling until a higher court reviews the case.

To avoid paying the fine or facing the seizure of personal assets during the appeal process, he must deposit the full amount within 30 days.

Certainly! Here’s a concise and rephrased version of the information:

Can Trump Afford $354 Million?

Forbes Magazine estimates Mr. Trump’s total net worth at $2.6 billion, while the New York Attorney General’s Office pegs his annual net worth at $2 billion in 2021.

Given these figures, a $354.9 million penalty would represent approximately 14-17% of his wealth.

However, there’s more: Mr. Trump already owes writer E Jean Carroll $83.3 million from a separate defamation case that concluded in January. Additionally, he faces mounting legal fees as he battles four criminal cases at the federal and state levels.

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Combined, these financial obligations exceed half a billion dollars, potentially surpassing Mr. Trump’s available cash.

Securing a Bond: To avoid paying upfront, Mr. Trump could seek a bond—a third-party guarantee to cover the full fine. However, this would cost him significantly more, including interest and fees. Collateral would likely be required.

Selling Assets: Mr. Trump mentioned having $400 million in cash (unverified by the BBC). Yet, considering his other liabilities, this wouldn’t suffice for the substantial penalty.

“He must strategize how to handle his assets, possibly liquidating businesses,” says former federal prosecutor Sarah Krissoff.

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Notably, much of Mr. Trump’s fortune is tied to his New York real estate empire, valued at $490 million, including Trump Tower1.

Mbiydzela

mbiydzela
Mbiydze is a web and graphic designer, digital marketer, and founder of a group of companies including CHEETAH CAMEROON, MBIYDZELA DIGITAL and PULSEBEAT ENTERTAINMENT  He is an ambitious entrepreneur with experience in various fields.
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