Is Donald Trump broke? What his net worth has to say - Hindustan Times
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Is Donald Trump broke? What his net worth has to say

Mar 19, 2024 09:04 AM IST

Donald Trump's financial woes deepen as court orders hefty $454 million payment, fails to secure any bond.

Last night Donald Trump has said he couldn't secure a bond for his civil fraud trial in New York as 30 companies spurned his side. His legal team has submitted a plea to postpone the enforcement of the fine.

Donald Trump defends against $454M fine, claims unlawful seizure of properties. Photo by ANGELA WEISS / AFP)(AFP)
Donald Trump defends against $454M fine, claims unlawful seizure of properties. Photo by ANGELA WEISS / AFP)(AFP)

Trump was penalized a hefty sum of $354 million due to fraudulent activities linked to real estate dealings in New York. The accruing interest, which stands at $112,000 daily, has pushed the total amount to over $467 million. His attorneys have stated, “to obtain the bond, they would need to post collateral worth $557 million”—a task they consider to be a “practical impossibility.”

Last week New York Judge Arthur Engoron ordered Trump to pay a hefty fine of $355 million, which balloons to $454 million with interest, after finding that Trump had submitted fraudulent financial statements over the years, exaggerating the worth of his properties and assets.

Trump is contesting the judgment and faces a deadline of March 25 to post a cash bond for the full amount to proceed with his appeal. Failure to do so would allow New York Attorney General Letitia James, who initiated the civil lawsuit, to begin seizing the $454 million. James has indicated her office’s readiness to confiscate Trump’s properties if necessary.

Trump's net worth

Despite the legal and financial turmoil, Trump has consistently claimed to be a billionaire. According to Forbes, his net worth stands at $2.6 billion. However, this figure is contrasted by claims made by Trump in a deposition in April 2023, where he stated having “substantially more than $400 million in cash,” while other reports suggest it might be closer to $350 million.

ALSO READ| 'Practical impossibility': Trump claims he can't pay $464mn bond in NY fraud case as deadline looms

Why Trump's net worth took a hit?

He owes $539 million in penalties from two court judgments, which is about 20% of his fortune. Additional liabilities include: $392,000 paid to The New York Times, $938,000 ordered to be paid to Hillary Clinton, $382,000 ordered to be paid to Orbis Business Intelligence for a frivolous lawsuit, $5 million paid in the Carroll case, and $110,000 in contempt fees related to the civil fraud prosecution involving New York Attorney General Letitia James.

How does Trump actually make money?

Donald Trump’s principal earnings derive from a diverse portfolio that spans from New York real estate projects to a global array of golf courses and hotels. A notable asset within the Trump portfolio is his $500 million interest in the 1290 Avenue of the Americas office complex in Manhattan. Additionally, he possesses around $600 million in liquid assets. The Trump National Doral Miami Golf Resort represents another significant investment, valued at approximately $300 million, as reported by Bloomberg.

Trump is knocking door to door to raise bond money

The former President has arranged private dinner functions hosted at Mar-A-Lago aimed to capture funds from the Republican financiers, like Elon Musk, Brian Ballard, Tommy Hicks Jr. and more.

While public opinion polls seem to be in Trump's favour, even with a massive financial chasm between him and Biden spawned from Biden's robust war chest and Trump's legal entanglements.

“Hillary Clinton way out-raised President Trump but he connected with the American people and that was the difference right there,” Tommy Hicks J vouched for the former president.

ALSO READ| Donald Trump offered to sell Truth Social to Elon Musk: ‘Talks failed but…’

However, Musk made it very clear that Trump never asked for money. “I was at a breakfast at a friend’s place, and Donald Trump came by. That’s it,” Musk told former CNN anchor Don Lemon.

“I am not donating money to either candidate for US President.”

Trump supports big business, they focus on the middle donations and bundlers rather than the small ones but work together with the Republican Party to make rounds for joint fund-raising activities.

Trump blames ‘crooked’ Biden for his situation

The 45th US President blames Joe Biden and his administration for illegally taking his hard-earned money on his Truth Social post. “I built a Magnificent Business, which helped rebuild New York City and State, with Amazing, Unparalleled, Historic Properties and tons of CASH, which Crooked Joe Biden and his Maniac Persecutors are trying to wrongfully and illegally take from me,” he spits fire.

He also slammed New York Attorney General Letitia James, saying, “A bond of the size set by the Democrat Club-controlled Judge, in Corrupt, Racist Letitia James’ unlawful Witch Hunt, is unConstitutional, un-American, unprecedented, and practically impossible for ANY Company, including one as successful as mine.”

ALSO READ| President Joe Biden's temper out of control over all-time low poll numbers

Is Trump broke?

The Lincoln Project, a Republican super PAC critical of Trump, released a video alleging that Trump is “broke,” “busted,” and a “fraud.”

ALSO READ| Former Donald Trump aide Peter Navarro's plea to stay out of prison ruled out by US Supreme Court

Jeff Timmer, a former executive director of the Michigan Republican Party, expressed a similar sentiment on X (formerly Twitter), saying, “Trump. Is. Broke. It’s always been a shell game.”

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