Former President Donald Trump made headlines on Friday with his declaration that he possesses “almost $500 million” in cash. This statement comes in stark contrast to the narrative put forth by his legal team, which previously argued that securing a bond exceeding $450 million would be nearly impossible for Trump in light of a substantial judgment in a New York civil fraud case.
Trump made his revelation on Truth Social, emphasizing his financial capability and liquidity. He claimed that New York Supreme Court Justice Arthur Engoron set the bond amount with full knowledge of his financial standing. This assertion diverges significantly from his lawyers’ earlier stance, highlighting the challenge of securing a bond due to rejections from 30 underwriters.
The judgment against Trump, enforceable from March 25, stems from a lawsuit by New York Attorney General Letitia James and totals more than $464 million, with interest accruing daily. This judgment could potentially lead to the seizure of Trump’s assets, including bank accounts and real estate. Despite suggestions that bankruptcy might offer a way out, Trump has dismissed this route.
Trump’s lawyer, Christopher Kise, clarified that Trump’s statement referred to his wealth accumulated through successful business ventures worldwide. However, legal experts believe that Trump’s public declaration could undermine his legal defense, complicating his position in the ongoing case. Gregory Germain, a law professor at Syracuse University, noted that Trump’s statement could hurt his credibility and that of his witnesses who testified that he doesn’t have the money.
Moreover, Trump’s financial disclosures regarding his 2024 presidential campaign show a significant cash disadvantage compared to President Joe Biden. Nevertheless, there are reports that Trump could benefit from a cash influx through his media company going public, which might help cover his legal expenses.
Trump has maintained his innocence, framing the legal actions against him as politically motivated attacks stemming from his electoral successes. His campaign continues to leverage these assertions for fundraising purposes.
In conclusion, Trump’s recent declaration of possessing significant cash reserves has raised eyebrows and could potentially impact his ongoing legal battles. As the case unfolds, it remains to be seen how this revelation will affect Trump’s defense and overall financial standing.
