Trump Civil Fraud Ruling Boosts President’s Net Worth By $500 Million

Topline

President Donald Trump got a major boost to his net worth Thursday thanks to the New York appeals court ruling wiping out the nine-figure fine against him for fraudulently misstating the value of his assets, with Forbes estimating the president is now worth half a billion dollars more after the court’s decision.

President Donald Trump speaks in the Oval Office on August 14 in Washington, DC.

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Key Facts

Forbes estimates Trump is now worth approximately $6 billion, up from $5.5 billion prior to the court’s ruling Thursday morning.

A panel of appeals court judges voted to throw out the $450 million judgment against Trump—which had ballooned to approximately $517 million with interest—after Judge Arthur Engoron previously levied the fine as part of his ruling finding Trump liable for fraud.

Engoron ruled Trump and his business associates knowingly misstated the value of assets on financial documents, in part to reflect a higher net worth for Trump.

The boost to Trump’s net worth comes from wiping off the approximately $500 million liability from the president’s balance sheet.

It’s still possible at least some of his civil fraud judgment could be restored, as New York Attorney General Letitia James, who brought the lawsuit, said she intends to appeal Thursday’s court ruling to New York’s highest court.

The appeals court ruling wiped out Trump’s fine but still left intact Engoron’s ruling finding the president liable for fraud—and kept other non-monetary penalties in place—as the judges could not reach a majority consensus on whether or not to uphold Engoron’s decision on the merits.

Big Number

Approximately $95 million. That’s how much the president still owes in legal liabilities based on two defamation cases brought against him by writer E. Jean Carroll. An appeals court is now weighing whether to uphold the larger $89 million judgment against Trump after hearing oral arguments in June. The smaller judgment, for $5 million, was upheld in court in December, though it remains to be seen whether Trump could try to take the fight to the Supreme Court.

What To Watch For

It’s unclear when James could appeal Thursday’s ruling, or whether New York’s Court of Appeals—the state’s highest court—will take it up. If the court doesn’t take up the case, that would leave Thursday’s decision in place and mean Trump will not have to pay any fine.

What Happens To Trump’s $175 Million Bond?

Trump posted a $175 million bond in the civil fraud case in response to Engoron’s initial ruling against him, after the president successfully petitioned the court to lower the amount he had to pay straight away down from the full $450 million judgment. That money is now in a court-controlled account, and will remain there while the appeals process plays out despite Thursday’s ruling. Trump will get his money back if the Court of Appeals decides not to take up the case or sides with the lower appeals court judges.

What Has Trump Said About The Ruling?

Despite the appeals court still finding him liable for fraud, Trump claimed Thursday the ruling was a “TOTAL VICTORY” and a “GREAT WIN FOR AMERICA,” thanking the court on Truth Social for “having the Courage to make this Decision.”

Surprising Fact

Trump’s net worth had already gone up significantly between Engoron’s initial decision in February 2024 imposing the fine and Thursday’s appeals court ruling, even before his additional $500 million boost. The president was valued at approximately $2.6 billion prior to Engoron’s ruling, but ramped up his net worth thanks to his stake in Trump Media and Technology Group, Truth Social’s parent company. While Forbes also estimated the president only had approximately $413 million in liquid assets when Engoron’s ruling came out in early 2024—not enough to cover the entire judgment against him—his cash pile now sits at more than $770 million. That’s largely due to Trump selling his cryptocurrency holdings before entering the White House.

Key Background

James sued Trump and his co-defendants in September 2022, accusing the ex-president and his associates of misstating valuations on financial statements more than 200 times between 2011 and 2021. Those misrepresentations were allegedly in part to boost Trump’s own net worth, with Trump’s ex-attorney Michael Cohen testifying at trial that Trump would “arbitrarily” set a number he wanted for his net worth, and Cohen and ex-Trump Organization CFO Allen Weisselberg would then value properties in order to reach that figure. Another Trump Organization executive, Patrick Birney, also testified Trump told Weisselberg he wanted his net worth to “go up” on financial statements. (Trump denies those allegations and any wrongdoing.) Engoron broadly ruled against Trump and his business associates, writing in February 2024 there was “overwhelming evidence” the defendants knew their valuations were false. While Trump and his attorneys tried to distance the president from the scheme, pinning any misstated valuations on the company’s accountants, Engoron ruled Trump was personally implicated in the fraud, writing the president “was aware of many of the key facts underpinning various material fraudulent misstatements” in the financial statements. The appeals court judges held a variety of opinions Thursday over whether Engoron’s ruling finding Trump liable for fraud should stand, but broadly agreed that the $450 million fine should not, writing the amount was “excessive” and disproportionate to the amount of harm the misstated valuations cost the state.