Billionaire Mark Cuban on Tuesday gave an investing lesson to Democratic California Rep. Ted Lieu, who expressed doubts about former President Donald Trump’s billionaire status.
Trump’s lawyers say the former president cannot post $454 million bail in his appeal of a New York state civil fraud conviction. Although he is anti-Trump, Cuban said Lieu was wrong that the former president cannot issue bonds because he is not a billionaire, and said in a post on Tuesday that he needed $1 billion in cash to get the position. explained that it was not necessary. . (Related: President Trump issues $91 million bail after appealing E. Jean Carroll verdict)
Ted, you know I’m not a Trump supporter. Not wrong at all.
I don’t understand how anyone could vote for someone who has so many executives antagonizing him and calling him incompetent.
But Ted is wrong on this point.
Net worth is completely different… https://t.co/WG6cY1t5qq
— Mark Cuban (@mcuban) March 19, 2024
“Trump claims he’s a billionaire. But he can’t pay the $464 million judgment. That means he’s lying.” Liu Posted. “How do you know? Mathematics. #Trump is broken”
“Ted, you know I’m not a Trump supporter. There’s no doubt about it,” Cuban said. answered “I don’t understand how anyone could vote for someone who has so many senior executives antagonizing him and saying he’s incompetent. But on this point, Ted is wrong. Net Worth is quite different from cash held in banks. We have been in a zero interest rate environment for a long time, so it was foolish to keep cash in banks or money markets. In fact , the search for yield decimated small banks last year.
Trump is accused of altering company assets in order to obtain business loans.
“You could also argue that Trump got into this position by lying to banks about his assets because he was bad at increasing his net worth,” Cuban wrote. “The only reason to lie on a loan application is because you have to.”
forbes Estimate Mr. Trump’s net worth is estimated at $2.6 billion, the bulk of which is made up of “hard” assets, the most important of which is commercial real estate. Cuban also explained why the current real estate market, where Trump holds most of his assets, is not conducive to financing for the former president.
“On a more macro level, Ted, very few people have more than 45% of their assets in liquid assets, even if interest rates have followed their long-term trend lines for the past 10 years,” Cuban said. insisted. “And when it comes to bond companies, Mr. Trump’s assets are primarily commercial real estate and interests in foreign assets. There are no bond companies, if any, that would lend to them in this commercial real estate market. .”
Mr. Liu did not immediately respond to a request for comment from the Daily Caller News Foundation.
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