Staff Reports
New financial disclosures have surfaced, revealing former President Donald Trump still grapples with a hefty financial hangover courtesy of New York’s judicial circus. Recent reports show that Trump is in the red to the tune of $100 million due to two chaotic court cases, one involving journalist E. Jean Carroll and another related to a civil fraud verdict that has New York’s liberal elite rubbing their hands together with glee.
Breaking down the financial figures, Trump owes between $1 million and $5 million to Carroll stemming from a lawsuit where a jury decided he had, gasp, allegedly engaged in sexual abuse and defamed her character. Despite the jury’s decision back in May 2023 that resulted in a $5 million judgment against him, Trump has maintained his reputation for fighting back—not just in politics, but in the courts as well.
Read "Trump owes more than $100 million from New York legal troubles' on SmartNews: https://t.co/hliKeIFpwK
— Charles Seymour (@charliesey60) August 16, 2024
In the saga of Carroll’s second lawsuit, Trump has racked up an additional $50 million in liabilities. This case saw a jury finding him guilty of defamation yet again, leading to an eye-popping award of $83.3 million to Carroll, who claimed Trump had obliterated her writing career over what resembled a public verbal boxing match. Apparently, the pen remains mightier than the sword, especially when wielded by a journalist with a grudge.
But it’s not just Carroll that’s knocking at Trump’s door for funds. The state of New York has also jumped into the fray, demanding a cool $50 million from the former president after he was found guilty of cooking his financial books. The penalty tally is staggering: over $350 million in fines plus another $100 million in prejudgment interest. New York Attorney General Letitia James, the self-proclaimed crusader against Trump, is front and center in this legal theatre, proudly listed as a creditor in the latest financial disclosures.
Despite the legal pressures, Trump’s financial picture isn’t all doom and gloom. While he has faced challenges, he recently posted a $175 million bond in the fraud case—after a court graciously reduced an initial bond requirement of $454 million—thus keeping the keys to Trump Tower firmly in his hands. Additionally, Trump claims to be a billionaire, though he has never fully disclosed his net worth, leading many to scratch their heads over the fancy figures.
The largest chunk of Trump’s wealth seems tied to Trump Media & Technology Group, the brainchild behind his social media venture, Truth Social, which is estimated to carry a valuation of $2.7 billion. Furthermore, his Mar-a-Lago club isn’t a bad source of income either, raking in about $57 million recently. This is a slight dip from the $65 million reported the year prior, which in the tumultuous world of business, translates into the subtleties of economic pressure.
In sum, as Trump’s legal woes continue to unfold, one thing remains clear: he may owe millions, but the man knows how to stay in the headlines.
