• Sun. May 26th, 2024

Private Equity Fund Manager Shifts $500 Million from New York Real Estate to Florida Amid Trump Reprieve, Boosting DWAC Shares

BySamantha Nguyen

Mar 25, 2024
Trump’s stock surges following listing and court victory in civil fraud bond case

Florida-based private equity fund manager Grant Cardone has announced plans to shift $500 million meant for New York real estate investments to his home state. This move comes as former President Donald Trump received a reprieve from New York state authorities on Monday, with an appeals court blocking the seizure of his assets and reducing the required bond from $454 million to $175 million, with an extended deadline for payment.

The initial deadline for Trump to post the bond was midnight on Monday, as he faces a civil fraud judgment for overstating his net worth and property values. However, Trump’s lawyers cited difficulties in finding a surety company willing to cover the bond without him putting up over $557 million in cash. The appeals court ruling grants Trump an additional 10 days to provide the funding, causing a surge in shares of Digital World Acquisition Corp. (DWAC), the SPAC behind Trump Media & Technology Group’s listing on the stock market.

The merger involving DWAC values Trump’s stake in Truth Social at around $3.3 billion. The situation is still developing, so stay tuned for further updates on this matter.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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