On Monday, former President Donald Trump’s business empire was in jeopardy as he faced a deadline in a New York civil case, with threats to seize over a half billion dollars in his assets. As time was running out for Trump to either pay the $454 million verdict or post a bond equivalent to 120 percent of the judgment, New York Attorney General Letitia James was ready to move to seize Trump’s assets, eyeing his golf course and private estate north of Manhattan, known as Seven Springs. James was also anticipated to move to seize the cash in Trump’s bank accounts.
Seizing on the seemingly imminent misfortune of his political opponent, President Joe Biden’s campaign decided to try out a name-calling tactic, dubbing DJT “Broke Don.” But the jokes didn’t last long.
As his gold-accented properties suggest, Trump seems to have the Midas touch. A New York appeals court lowered his bond by 62 percent in the civil suit from $464 million to $175 million. In a press conference, Trump said he would abide by the New York appellate ruling, expecting to post the bond within the 10-day deadline.
Not only did Trump secure financial relief in court on Monday, he also had his highest-earning day on record. Trump Media & Technology Group concluded a lengthy merger process with Digital World Acquisition Corp., officially transferring shares valued at billions of dollars into Trump’s ownership.
Shares of Digital World Acquisition Corp (DWAC), expected to trade under the ticker DJT starting Tuesday, surged to $49.65 on Monday, marking a 190 percent increase since the start of the year. This puts Trump’s 58 percent stake at a $3.9 billion valuation.
Trump’s overall net worth was previously a modest estimation of $22.5 million based on his most recent financial disclosures. The amount, consistently lower than Trump’s personal estimates, is derived from ethics disclosures mandated for presidential candidates, public records related to significant real estate assets, and staff-reported information. His fortune, which at one time peaked at $3.1 billion, has largely consisted of real estate properties. Now, Trump is set to join the ranks of the world’s wealthiest 500 people on the Bloomberg Billionaires Index, with a fortune of $6.4 billion.
However, Trump cannot cash in on his windfall just yet, as a “lock-up” clause prohibits major shareholders, including Trump, from selling their stock for a minimum of six months after the merger. This standard restriction is designed to prevent stock dumping that could negatively affect share prices. Any attempt by the newly formed board to modify this provision would likely face legal disputes and necessitate compelling arguments regarding the benefits of shareholders.
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Eric Trump, the former President’s son and Executive Vice President of the Trump Organization, took to social media to thank his team, writing:
Thank you to my incredible team at The Trump Organization – I am incredibly proud of all of you!
In a separate statement, Eric Trump reacted to the successful merger, saying, “We have a great company and are incredibly honored.”
