Former President Donald Trump received a favorable turn in his financial fortunes after a pivotal appellate court ruling in his fraud trial. The New York Court of Appeals announced a significant reduction in the bail required for Trump to cover the expenses of his civil fraud trial in the state, slashing the amount from a staggering $454 million to a substantially reduced $175 million.
This development provided a boost to Trump’s position, coinciding with a remarkable surge in shares of Digital World Acquisition Corp. (DWAC), the special purpose acquisition company facilitating Trump Media & Technology Group’s public debut through a merger. During Monday’s trading session, DWAC’s shares surged by over 21%, a surge attributed to investor confidence following the court’s decision as reported by Fox Business.
The merger holds substantial significance for Trump, as it values his stake in Truth Social at approximately $3.3 billion. Marketed as a sanctuary for conservative voices, Truth Social aims to provide a platform for those feeling marginalized or censored by mainstream social media policies.
Monday’s ruling came at a crucial moment, coinciding with New York Attorney General Letitia James’ announcement of plans to commence asset seizure within the Trump empire to satisfy the original judgment. Trump, expressing concerns over the financial burden imposed by the initial bail, previously indicated that meeting the original requirement would necessitate a “fire sale” of several properties under his name.
“The lawfare that they’re doing is incredible,” Trump remarked on Monday. “Every single one of them is run by Biden and his thugs. The only way they think they can get elected. And I think so far it’s backfiring because the people of this country understand it. It’s backfiring. But they’re being run and they’re running all of these different cases.”
The decision by the New York Court of Appeals marks a pivotal moment in Trump’s ongoing legal and financial saga, with a five-judge panel unanimously agreeing on the need for a revision in the initial bail amount.
“So ridiculous, the cases, every one of them is ridiculous,” Trump continued. “This is all weaponization of DOJ and FBI. They raided my house in violation on a thing called the Fourth Amendment. [You’re] not allowed to do that. They raided my house in Florida, Mar-a-Lago. No notice, no nothing. They raided it.”
Trump concluded, “I can’t believe it. Nobody can believe it. And we’ll see how that all works out in the end. But it’s illegal what they’re doing. It’s criminal what they’re doing and it’s never been done before.”
This decision marks a second setback for Trump following an $84 million judgment in the E. Jean Carroll civil trial, as he faces four ongoing criminal trials, two of which have been initiated by the Justice Department under President Biden. Trump now has 10 days to raise the $175 million required to post his bond.
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