The clock was ticking for Trump to either settle the $454 million verdict or post a bond equivalent to 120 percent of the judgment. New York Attorney General Letitia James was poised to seize Trump's assets, including his golf course and private estate north of Manhattan, known as Seven Springs. James was also expected to seize the cash in Trump's bank accounts.
In a move that seemed to capitalize on the potential downfall of his political adversary, President Joe Biden's campaign adopted a derogatory nickname for Trump, referring to him as "Broke Don." However, the jesting was short-lived.
As the gold accents on his properties suggest, Trump appears to possess a Midas touch. A New York appeals court reduced his bond by 62 percent in the civil suit, from $464 million to $175 million. During a press conference, Trump stated he would comply with the New York appellate ruling and anticipated posting the bond within the 10-day deadline.
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Monday was not only a day of financial relief for Trump in court, but it also marked his highest-earning day on record. Trump Media & Technology Group finalized a protracted merger process with Digital World Acquisition Corp., effectively transferring shares worth billions of dollars into Trump's ownership.
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Shares of Digital World Acquisition Corp (DWAC), set to trade under the ticker DJT starting Tuesday, soared to $49.65 on Monday, representing a 190 percent increase since the beginning of the year. This surge places Trump's 58 percent stake at a valuation of $3.9 billion.
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Previously, Trump's overall net worth was modestly estimated at $22.5 million, based on his most recent financial disclosures. This figure, consistently lower than Trump's personal estimates, is derived from ethics disclosures required for presidential candidates, public records related to significant real estate assets, and staff-reported information. His fortune, which once peaked at $3.1 billion, has been largely comprised of real estate properties. Now, Trump is poised to join the world’s wealthiest 500 people on the Bloomberg Billionaires Index, with a fortune of $6.4 billion.
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However, Trump is unable to immediately capitalize on his newfound wealth due to a "lock-up" clause. This clause prevents major shareholders, including Trump, from selling their stock for a minimum of six months following the merger. This standard restriction aims to deter stock dumping that could adversely affect share prices. Any attempt by the newly formed board to alter this provision would likely face legal challenges and require convincing arguments about the benefits to shareholders.
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Eric Trump, the former President's son and Executive Vice President of the Trump Organization, expressed his gratitude to his team on social media, 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 responded to the successful merger, stating, “We have a great company and are incredibly honored."
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