Donald Trump faces tough financial situation after $355 million court decision

Trump’s name has made several headlines in the last week for strange reasons.

Donald Trump financial legal troubles
© James Devaney/GETTYIMAGES
Donald Trump financial legal troubles

On Friday, Trump was ordered to pay $355 million in penalties and was banned from doing business in New York for three years. This was Judge Arthur Engoron’s decision, leading on from New York Attorney General Letitia James' lawsuit against the former President. Trump was accused of duping banks and insurers by inflating his wealth, and the trial has led to the costliest consequence of his recent legal battles.

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This event came alongside a few other key moments for Trump, namely the release of a $399 sneaker and a scientologist’s fundraiser. Here’s everything you need to know.

Trump releases $399 sneakers

The Trump family faced a lot of criticism last week after both Donald Trump and his son were slammed for their online behaviour. This time around, the former President faced a booing crowd after he stopped by ‘Sneaker Con’.

This event, self-proclaimed as ‘The Greatest Sneaker Show on Earth’, served as the ideal moment for Trump to reveal his latest venture. He unveiled the first official Trump footwear: gold hightops boasting the American flag on the back. These ‘Never Surrender High-Tops’ are on sale for $399 on a new website that also stocks other Trump shoes and perfume.

There were, however, a few cheers amongst the boos - and by Sunday, the shoes were listed as sold out.

A scientologist's fundraiser for Trump

In a similarly bizarre turn of events, Trump seems to have sparked the support, if not rage, of a certain scientologist. Elena Cardone and her husband are big donors to the Church of Scientology and close friends with its current head, David Miscavige. Ms Cadone has started a GoFundMe page for Trump after dubbing his court battle ‘an attack on the very ideals of fairness and due process that every American deserves’. The self-defined ‘ardent supporter of American values’ stated:

This is more than a legal fund; it's a call to all businesses owners and entrepreneurs to rally in defense of all businesses and for man who has never hesitated to stand in defense of us.

Though it is certainly odd for Trump to be receiving money in this way, it is unlikely he will be against the help: the page has already gathered over $212,000 (£168,000). One participant sent a lump sum of $5,000 (£4,000).

Trump’s financial situation

This combo of money-making schemes comes as a former ally of Trump claims the former President’s legal situation should prevent him from winning the position back. According to Newsweek, ‘Donald Trump's former national security adviser John Bolton said the former president's growing debt amid his legal cases makes him vulnerable to foreign influence and unfit for office’.

Bolton explained that Trump’s legal issues could make him vulnerable:

I think this is one of the demonstrations why Trump is really not fit for office because he is consumed by these troubles, his family is consumed by them, and I think foreigners will try to take advantage of it one way or another. They may be doing it already.

He suggested that Trump may have to liquidate some of his properties to come up with the cash demanded by these legal battles. Between Friday’s ruling and two further cases, Trump will be responsible for a whopping estimate of $542 million in legal judgments. That’s a whole lot of golden sneakers.

Read more:

Donald Trump: Americans puzzled by the former president's new appearance

Donald Trump sparks major controversy, says he would 'encourage' Russia to invade Western countries

Donald Trump: Famous lawyer claims the ex-president could face jail time

Sources used:

The Independent: Trump launches $399 shoes days after being ordered to pay $350m in fraud trial: Live

Newsweek: Donald Trump's Debt and Legal Troubles Make Him Unfit for Office: Ex-Ally

Newsweek: Donald Trump Booed Onstage While Promoting New $399 Sneakers

Mirror: Scientologists raise £171,000 on GoFundMe to help pay Donald Trump's £281million legal fees

Donald Trump: As the former US president keeps losing in court, could he lose all his money? Donald Trump: As the former US president keeps losing in court, could he lose all his money?