Donald Trump’s social-media claim that he has “almost five hundred million dollars in cash” could backfire, according to a number of legal experts, with a former Watergate prosecutor labeling it “the dumbest thing he could have possibly done.”
Trump made the claim on his Truth Social website on Friday, despite his legal team claiming it is “practically impossible” for him to pay the $454 million he owes to the state of New York after a court found him liable for fraud in a civil case. Newsweek contacted representatives of Donald Trump’s 2024 presidential campaign by email at 6 a.m. ET on Saturday. This article will be updated if they decide to comment.
On March 12, Trump became the presumptive Republican presidential nominee for 2024, following a series of primary victories focusing attention on his policies and ongoing legal difficulties. The former president has pled not guilty to charges in four separate criminal prosecutions and is also involved with a slew of civil cases. He denies any wrongdoing.
In an early-morning Truth Social post on Friday, Trump said: “THROUGH HARD WORK, TALENT, AND LUCK, I CURRENTLY HAVE ALMOST FIVE HUNDRED MILLION DOLLARS IN CASH, A SUBSTANTIAL AMOUNT OF WHICH I INTENDED TO USE IN MY CAMPAIGN FOR PRESIDENT.”
The move caused confusion as, on Monday, Trump’s attorneys said he was unable to pay the fine of $355 million, which, with interest, increased to $454 million, as required by the judgment.
The attorneys instead suggested he pay a lower amount. In a court filing on Monday, they said: “Despite scouring the market we have been unsuccessful in our effort to obtain a bond for the Judgment Amount for Defendants for the simple reason that obtaining an appeal bond for $464 million is a practical impossibility under the circumstances presented.”
Appearing on CNN, lawyer Nick Akerman, a former Watergate prosecutor, suggested Trump is likely to regret his Truth Social post.
Akerman said: “I mean, that is the dumbest thing he could have possibly done, to put that on Truth Social, because that is a direct admission by him that he has the money.
“Now, keep in mind, even with this operating money or cash that he supposedly has, if he doesn’t pony up and put up a bond [New York Attorney General] Letitia James is going to be able to go in and basically put restraining orders on all of his bank accounts, everything that relates to him, and all of that money is going to be tied up and frozen. So, if he’s really got that money, he’s got to put it up.”
KAMIL KRZACZYNSKI/AFP/GETTY
Speaking to CNN, reporter Kara Scannell said that later on Friday Trump’s legal team added that the $500 million didn’t refer to the amount of cast the business tycoon has available.
Addressing network host Jim Acosta, Scannell said: “His lawyers clarified that statement to me this morning, saying Trump was referring to the cash he has made through running his business, which he has disclosed on his campaign forms. But that’s not the actual amount of cash that he currently has on hand.”
If Trump fails to come up with the $454 million on Monday, James could initiate steps to try to seize some of his assets. The former president has announced he will appeal the civil-fraud verdict, but unless he comes up with the required money, his assets could still be seized while the legal process continues.
Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.