Major billionaire Republican donors rallied to aid Trump in paying $454 million bond
Former United States President Donald Trump
Major Republican donors rallied up to assist former president Donald Trump in covering a hefty $454 million bond required in a civil fraud case ahead of the deadline on March 25, sources told the news agency, Reuters.
What is Trump's civil fraud case about?
Trump is facing a New York civil case where he was found liable for inflating his net worth to obtain better loan and insurance terms, resulting in a massive judgment against him.
Billionaires who rallied to support Trump
Billionaire hedge fund founder John Paulson and oil magnate Harold Hamm are among the prominent figures involved in this effort. They were seeking financial aid to help Trump pay the bond amount.
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Reuters reported that a donor offered more than $10 million towards the bond over the weekend, but was later told it was not necessary.
Billionaires Paulson and Hamm will also participate in a campaign fundraiser for Trump, showcasing ongoing support from key allies.
It is not necessary to disclose the sources of funds obtained to pay for the bonds. Earlier, Trump paid a $91.6 million bond after he lost the defamation case against writer E. Jean Carroll.
Also read |US court reduces Trump’s $454mn civil fraud ruling bond to $175mn, pauses seizure of assets
Donors' contributions toward the bond may attract regulatory scrutiny, if they go over campaign contribution limits.
Relief from the $454 million bond deadline
On March 25, 2024, the former president was granted relief from paying $454 million and asked to pay a smaller $175 million bond within 10 days to delay the enforcement of the judgment.
Trump told reporters in New York that he would post either the $175 million in cash or bonds or securities or whatever is necessary, very quickly.
What would havehappened if Trump didn't meet bond deadline?
Failure to meet the bond deadline could have led to the seizure of Trump's assets, including prime real estate holdings like 40 Wall Street in Manhattan.
(With inputs from agencies)
