Trump Makes the List of the World’s 500 Richest People as Bail Fee Reduced to $175 Million
In a recent development, former US President Donald Trump has secured a spot on the list of the world’s 500 wealthiest individuals. This comes as a relief for Trump, as he successfully negotiated a reduction in his bail fee to $175 million.
A Hard-Fought Victory
On March 25th, the New York Appeals Court granted Trump an additional 10 days to pay the $175 million bail required to cover a $464 million fine. This marks a significant win for the former President in his ongoing legal battles, as it increases the chances of his appeal being successful without the risk of property seizure.
However, New York Attorney General Letitia James, who initiated the civil lawsuit that resulted in Trump being fined hundreds of millions of dollars, maintains that he must still be held accountable for his astonishing fraudulent conduct.
Earlier this year, Judge Arthur Engoron ordered Trump to pay $354.9 million, accusing him of inflating asset values to deceive lenders and insurance companies. Trump had until March 25th to pay the fine, including interest, to avoid having his assets seized by the state.
While Trump’s legal team requested a stay of judgment, they continued their efforts to secure insurance companies willing to provide the required bail. However, the exorbitant amount of money involved led to over 30 insurance companies declining to offer coverage, despite Trump offering his assets as collateral.
Tai San Ông Trump tăng gấp đôi chỉ trong một ngày. (Ảnh: Forbes)
Trump’s Windfall in a Day
On the same day, March 25th, Trump received another piece of good news. Trump Media, the media company he founded several years ago, announced its successful merger with Digital World Acquisition Corp. The newly formed company will be called Trump Media & Technology Group and will oversee the Truth Social social media network. The company’s shares began trading on March 26th.
Digital World Acquisition Corp is a special-purpose acquisition company (SPAC) listed on the Nasdaq stock exchange. The merger plans between Trump Media and Digital World were announced years ago, but the transaction was only recently completed.
The announcement of the merger caused Digital World’s stock to rise by 35% on March 25th. At the current price, Trump’s equity stake in the new company is valued at $4 billion.
This development propelled Trump to be included for the first time on Bloomberg’s list of the world’s 500 richest people. Bloomberg estimates that his wealth increased by an additional $4 billion on March 25th alone. As of now, the former US President’s net worth stands at $6.5 billion.
Perhaps this is why Trump confidently stated on the Truth Social platform that he would comply with the Appeals Court’s decision: “I respect the Appeals Court’s decision and will pay the $175 million in cash, bonds, shares, or any other necessary form. It will happen quickly.”
As we witness Trump’s financial achievements and legal triumphs, it’s clear that his influence in the business world continues to be significant. To stay updated on the latest news and developments in the finance and economic sectors, visit Business Today.