New York state court cuts deposit by more than half… “Trump’s rescue number”
‘Truth Social Social’ trading from the 26th… DWAC stock price rises 35%
The former President of the United States, Donald Trump, faced ‘double good news’ before the November presidential election. Former President Trump joined the ranks of the world’s 500 richest people after the deposit he had to pay to the New York state court dropped about 400 billion won and the listing of Truth Social, a social networking service (SNS) and established.
○ Reduction of more than half the deposit amount… “Trump’s rescue number”
Reuters and others reported that the New York State Court of Appeals reduced former President Trump’s deposit from $454 million (about 610 billion won) to $175 million (about 230 billion won) on the 25th (local time).
The amount of the deposit that former US President Trump must deposit with the court to continue the civil case on suspicion of ‘inflated fraudulent real estate loans’ has been significantly reduced. The deadline for payment was originally due today, but has been pushed back to the next 10 days.
Previously, the Manhattan District Court in New York ruled in a civil trial last month that former President Trump must pay a fine of $454 million, including interest, for receiving fraudulent loans by inflating the value of assets.
Former President Trump appealed this ruling, but in order to proceed with the appeal, he had to deposit $ 454 million, which corresponds to the fine, in court by today.
However, he asked the court to stop implementing the fine or lower the deposit to $100 million, saying the deposit was too large to realistically pay.
According to today’s ruling, if former President Trump deposits $175 million within 10 days, he will not have to pay the full fine from the first trial verdict while the appeal trial is underway. The worst case scenario where assets such as cash and real estate are seized has been avoided.
The New York Times quoted sources and said, “Ex-President Trump will be able to pay the amount within 10 days,” and evaluated the court as giving him a ‘lifeline.’
However, the NYT predicted that former President Trump would have to use a significant portion of his cash to cover the deposit.
After the court’s decision, former President Trump said on social media, “We will follow the decision of the appellate court,” and added, “We will deposit securities, equivalent securities, and cash.”
Legal experts interpreted the appeal court ruling as indicating the possibility of reducing former President Trump’s fine.
○ ‘Truth Social’ trading from the 26th
Former President Trump also found himself sitting on a silver cushion following the news that ‘Truth Social’, the SNS he founded, would be traded on the New York Stock Exchange from the 26th.
Truth Social’s parent company, ‘Trump Media & Technology Group’ (TMTG), began stock trading on the Nasdaq market on the 26th under the stock code ‘DJT’, named after former President Trump’s initials, according securities report submitted to the United States. securities authorities on the 25th He said he would.
TMTG announced on this day that it has completed legal procedures relating to the merger with Digital World Acquisition (DWAC), a special purpose acquisition company (SPAC). 29 months have passed since the merger process began.
A SPAC is a special company for the purpose of mergers and acquisitions of unlisted companies, and TMTG, the acquired company, managed to avoid the difficult initial public offering (IPO) procedure and was listed on the stock market.
Although the stock code was not changed to ‘DJT’, the stock price of DWAC, which legally became the stock of TMTG, the parent company of Truth Social, increased by 35% on the New York Stock Exchange that day. Although the performance of Truth Social itself is not good, there is an analysis that Trump supporters are actively buying it. ‘Truth Social’, a social networking service (SNS) founded by former US President Donald Trump, will be listed on the New York Stock Exchange on the 26th (local time). Photo = Getty Images Accordingly, the value of the approximately 60% share held by former President Trump is estimated to have increased to $4 billion (approximately 4 trillion won).
Bloomberg News predicted that after the start of the TruthSocial transaction, former President Trump’s assets would reach $6.5 billion (about 8.7 trillion won), making him one of the world’s 500 richest people in based on the Bloomberg Billionaires Index for the first time.
Former President Trump’s previous highest wealth record was $3.1 billion. Most of his assets consist of real estate.
“We have a great company and we are incredibly honored,” Eric Trump, the former president’s second son and vice president of the Trump Organization, said in a statement.
Reporter Shin Jeong-eun newyearis@hankyung.com
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