Despite Trump’s dominance in the Republican Primary, the extent of his legal fees and fines could see him lose 15% of his total net worth.
Trump’s Dominance in the Primaries
Former President and current candidate Donald Trump secured victories in GOP primaries in Iowa and New Hampshire. Nikki Haley remains the only contender against Trump, although it’s not looking likely that she’ll achieve much more than that in the race to be the number one Republican candidate.
Despite his dominance in the Republican Party, Trump is facing several legal challenges, and he has incurred significant expenses in legal fees. Estimates suggest he spent around $50 million on legal expenses last year.
Lack of Financial Transparency
Trump’s financial disclosures have been limited, making it challenging to accurately assess his true net worth. In September 2023, Forbes estimated Trump’s net worth at $2.6 billion, with $426 million in liquid assets, most of which stem from his property empire.
If Trump declared all the maximum fines to be paid, a $453.3 million legal bill could result. According to Bloomberg, this potential bill of $453.3 million could consume 15% of Trump’s net worth and liquid assets.
Defamation Verdict Shock
Legal troubles, including a defamation case, have resulted in substantial financial liabilities for Trump. For instance, a New York jury ordered him to pay $83.3 million for defamation, stemming from accusations made by Elle columnist E Jean Carroll.
Additionally, Trump faces allegations of civil fraud in New York, with the State Attorney General seeking substantial penalties for alleged fraudulent activities related to his business dealings.
Inflating Company Assets
State Attorney General Letitia James accuses Trump and associates of inflating company assets for favorable loans. “Before this trial even began, the judge ruled in our favor and found that Donald Trump did engage in years of significant financial fraud we uncovered,” claimed Letitia James.
A court monitor’s report revealed “incomplete” and “error-filled” financial statements questioning a $48 million loan.
James asserted that “Valuations of some of the properties on Donald Trump’s statement of financial condition were neither ‘proper,’ nor ‘reasonable.’”
Seeking Substantial Penalties
James is looking to strip Trump of $370 million plus interest in financial penalties for the alleged fraudulent activities. Trump’s former attorney, Rudy Giuliani, filed a bankruptcy claim for unpaid legal fees related to post-2020 election lawsuits.
A judge ordered Giuliani to pay $148 million after the jury declared he had defamed two Georgian election workers.
Giuliani declared bankruptcy after losing the defamation case, seeking reimbursement for his services, but Trump has remained silent on the issue.
The extent of Trump’s legal fees and payouts even exceeds his Save America and Make America Great Again PACs, meaning he’ll have to pay out of his pocket.
The post Trump’s Net Worth Could Decline by Up to 15%, Financial Experts Warn first appeared on Swift Feed.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.