May 20, 2024 12:33 am
Trump’s stock surges following listing and court victory in civil fraud bond case

Private equity fund manager and Cardone Capital’s Grant Cardone has decided to shift $500 million intended for New York real estate investments to Florida. This move comes after former President Donald Trump received a reprieve from New York state authorities on Monday. An appeals court agreed to block the seizure of his assets and reduced the required bond from $454 million to $175 million, with an extended deadline for payment.

The initial deadline for Trump to post the bond was midnight on Monday, as he faces a civil fraud judgment for overstating his net worth and property values. Trump’s lawyers cited difficulties in finding a surety company willing to cover the bond without him putting up over $557 million in cash. The appeals court ruling grants Trump an additional 10 days to provide the funding, causing a surge in shares of Digital World Acquisition Corp. (DWAC), the SPAC behind Trump Media & Technology Group’s listing on the stock market.

The merger involving DWAC values Trump’s stake in Truth Social at around $3.3 billion. The situation is still developing, so stay tuned for further updates on this matter.

Leave a Reply