Sat. Jun 22nd, 2024
Trump’s stocks surge before listing and court victory in civil fraud case

In recent news, Private equity fund manager Grant Cardone has shifted his focus from New York to Florida, investing $500 million in real estate in the Sunshine State. Meanwhile, former President Donald Trump received a temporary reprieve from New York state authorities seeking to seize his assets. An appeals court has reduced his required bond from $454 million to $175 million and extended the deadline for payment.

The civil fraud judgment against Trump stems from allegations that he overstated his net worth and property values to secure loans. Initially facing a deadline to post a bond covering the full amount by midnight, Trump’s lawyers struggled to find surety companies willing to provide the bond without him putting up a substantial sum of over $557 million. This predicament would have required over $1 billion in cash and cash equivalents to cover the judgment.

However, with the appeals court ruling in his favor, Trump now has 10 additional days to provide the reduced bond amount. This decision has had a positive impact on the stock market, particularly on shares of Digital World Acquisition Corp (DWAC). The company, which plans to list Trump Media & Technology Group through a merger, saw a surge of up to 21% in its stock price during Monday’s trading session. The merger values Trump’s stake in Truth Social at approximately $3.3 billion.

Cardone Capital’s shift towards Florida is also making headlines as they continue their real estate investments in the state. As this story continues to develop, stay tuned for further updates on both situations.

By Aiden Nguyen

As a content writer at newscholarly.com, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

Leave a Reply