Donald Trump owes legal penalties totaling hundreds of millions of dollars in two civil cases recently decided in New York, raising questions about how he’ll pay the amount.
Former president Donald Trump owes legal penalties totaling hundreds of millions of dollars in two civil cases recently decided in New York, raising questions about how he’ll pay the staggering amount.
The short answer is that Trump, whose political persona is tied to his career as a wealthy businessman, will either pay himself of have other entities post bond on his behalf.
On Friday, a New York judge hit Trump with a $355 million fine after the judge found the Trump Organization had engaged in fraudulent business practices.
New York Attorney General Letitia James, whose office brought the case, said in a statement that when interest is factored in, Trump and other defendants owe more than $450 million overall — an amount „which will continue to increase every single day“ until the judgment is paid.
Three weeks earlier, a New York jury ordered Trump to pay $83 million for defaming writer E. Jean Carroll, who accused him of sexual assault in the 1990s.
All of that could put him over $600 million in penalties, says Jim Wheaton, a professor at William & Mary Law School who has studied corporate legal issues and Trump’s finances.
Even though Trump plans to appeal both rulings, he still needs to meet appeal bond requirements within 30 days of each verdict, Wheaton told NPR’s Morning Edition.
„[The Carroll] judgment was entered about a week ago, and so the 30-day appeal clock is running on that one,“ he added. „Both of these judgments have a potential impact on his cash.“
The businessman-turned-politician has long boasted about his net worth, which Forbes estimates at $2.6 billion as of mid-February 2024.
In a deposition, Trump testified that he had about $400 million in cash assets, according to Wheaton, a figure that matches other reported estimates.
