'Deposit Deadline Approaching' Trump Faces Seizure Risk of 610 Billion Won Assets... Can SNS Listing Overcome Financial Crisis?

New York State Prosecutors Anticipate Seizure of Assets Including Bank Accounts
Truth Social IPO... Focus on Overcoming Financial Difficulties

Former U.S. President Donald Trump is at risk of having assets worth $454 million (approximately 610 billion KRW) seized. As the deadline of the 25th to pay the bond for appealing the civil trial approaches, attention is focused on the possibility of prosecutors seizing Trump's assets. However, there is speculation that the social networking service (SNS) 'Truth Social,' created by Trump, could help overcome financial difficulties as it is listed on the New York Stock Exchange.

[Image source=Yonhap News]

According to local media on the 24th (local time), the New York State prosecutors plan to seize Trump's assets to secure the amount if he fails to pay the bond by the 25th.

Earlier, the Manhattan District Court in New York imposed a fine of $454 million on Trump last month for inflating asset values to easily obtain bank loans. Trump immediately appealed, but to proceed with the trial and prevent collection, he must deposit a bond equivalent to the fine with the court. He argued that it is practically impossible to raise such a large bond and requested the court to suspend the execution of the fine or reduce the bond to $100 million (approximately 135 billion KRW).

The assets that prosecutors can seize include various properties owned by Trump, such as buildings, houses, cars, helicopters, and airplanes. However, prosecutors are expected to focus more on seizing financial assets like bank accounts rather than non-financial assets. This is because the procedure is simpler than auctioning assets and allows immediate cash acquisition. Some speculate that since Trump's bank account balance is less than the bond amount, prosecutors will eventually proceed to seize non-financial assets.

Currently, Trump is protesting that if he wins the trial, he will not be able to reverse the sale of real estate made to raise the bond.

Meanwhile, attention is on whether Truth Social, established by Trump in 2021, can help overcome financial difficulties caused by various judicial risk costs as it becomes listed on the New York Stock Exchange. Earlier, the Special Purpose Acquisition Company (SPAC) Digital World Acquisition Corp. (DWAC) held a shareholders' meeting on the 22nd and approved a merger with 'Trump Media & Technology Group,' the parent company of Truth Social. As a result, TMTG can be listed on the stock market via a backdoor listing without an initial public offering (IPO) process. The corporate value of Truth Social is about $5 billion (approximately 6.73 trillion KRW), and Trump's stake, holding 60%, is valued at $3 billion (approximately 4 trillion KRW).

Trump also drew attention by publicly boasting about his cash holdings. On the 22nd, he posted on his social networking service, Truth Social, that he has nearly $500 million (approximately 670 billion KRW) in cash. Questions are growing about the background of his claim to possess massive cash despite his previous appeals that he could not pay the bond.

This content was produced with the assistance of AI translation services.