Donald Trump Facing Financial Troubles Amid Legal Defeats While Joe Biden Outraised Him

Donald Trump's legal defeats are turning into financial troubles as the former president scrambles for cash as he faces over $500 million in legal fees, calling on supporters to donate money for his campaign as he tries to appeal two major decisions against him.

Last month, Trump lost to E. Jean Carroll and has been ordered to pay $83.3 million in damages. However, this was just a small amount compared to his second big defeat, as he was ordered to pay approximately $450 million over his New York fraud trial.

This may just be the tip of the iceberg. As The Guardian noted, the worse may be yet to come for the former president as his legal defeats may likely almost drain his accounts of cash, with the recent New York civil fraud trial decision also barring him from running the Trump Organization.

The former president has been infamous for avoiding using his own money to foot his legal bills, with him currently using campaign money to fund his legal battles. He is expected to appeal these two cases. However, his legal bills will soon increase as his lawyers have contacted several companies to provide the bond to assure the state that he will pay the judgment if he ever loses his appeal.

It should be noted that to get this appeal bond, the former president would first have to find a company willing to accept him. Once he does, he must then pay a premium to the bond company and offer collateral, for which he would have to pay more interest and fees.

Should Trump lose, he would be facing a massive financial burden and may sell off some of his most prized assets to pay for those judgments.

Can Donald Trump Pay For His Legal Fees Following Two Major Legal Defeats?

Donald Trump's net worth is infamous for being obscure, as the two most credible financial media, Forbes and Bloomberg, disagree on how much he is actually worth, with Forbes estimating that he is worth $2.6 billion, while Bloomberg estimates that his net worth is $3.1 billion.

However, both Forbes and Bloomberg agree that he could have around $600 million in liquid assets or cash and personal assets, which include his personal homes, private jet, and various pensions. This is backed by a testimony by Trump with the New York attorney general's office, where he claimed he has "substantially in excess of $400 million in cash."

Should he pay the fines, he stands to lose 6 percent to 19 percent or more of his estimated net worth if the Forbes estimate were to be followed, according to The Hill. However, he could lose even more, including his most famous properties like Trump Tower and 40 Wall Street. These losses as part of the Civil fraud decision could lead Trump to a $700 million-plus loss should he lose control of them.

Joe Biden Outraised Donald Trump Amid Former President's Legal Troubles

As for raising money for his campaign, Donald Trump is losing, too. His campaign's fundraising slowed in the last three months of 2023, as the FEC showed, with rival President Joe Biden beating him on the fundraising front.

According to Reuters, this shows how much of a drag Trump's legal battles have become, with his biggest Super PAC spending 2/3 of his campaign money to fund those legal bills.

Trump reportedly raised $19 million during the last three months of 2023, while Biden raised well under $33 million.

This article is owned by Latin Post.

Written by: Rick Martin

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