Grant Cardone, a private equity fund manager and the founder of Cardone Capital, has shifted his focus from New York to Florida, where he has invested $500 million in real estate. Meanwhile, former President Donald Trump received a temporary reprieve from New York state authorities seeking to seize his assets. An appeals court reduced his required bond from $454 million to $175 million and extended the deadline for payment by 10 additional days.
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 more time 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.
As this story continues to develop, stay tuned for further updates on the situation.
