For his security performance
According to insiders, billionaires raised money for Trump
March 26, 2024, 7:20 a.m
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Donald Trump likes to boast that his companies are among the most successful in the country. However, the ex-president would not have been able to raise the now reduced security deposit of $454 million. According to insiders, in an emergency he would probably have received help.
Some well-heeled Republican supporters in the US have raised money to pay a $454 million security deposit for US presidential candidate Donald Trump. This was reported by three people familiar with the matter. After the decision of an appeals court in New York, fundraising was no longer necessary.
American billionaire and hedge fund founder John Paulson and oil and gas tycoon Harold Hamm were involved in the scheme, said the people, who did not want to be identified. Paulson, the founder of Paulson & Co, did not immediately respond to requests for comment. Hamm, the founder of oil company Continental Resources, was asked by telephone about his involvement but appeared to hang up.
A spokesman for Hamm did not respond to requests for comment. When contacted, Trump campaign spokesman Steven Cheung said there had been no coordinated fundraising effort. Trump has “more than enough money” to pay for the security deposit himself.
Paulson and Hamm support Trump’s campaign
Billionaires Paulson and Hamm are both involved in an upcoming campaign fundraiser for Trump. The invitation for the event lists Paulson as host and Hamm as co-chair. The money collected will be used to support the presidential candidate’s election campaign, the Republican national leadership committee and an organization that has already covered part of Trump’s legal fees. Trump has discussed making John Paulson his treasury secretary as president, according to another person familiar with the matter.
In mid-February, Trump was ordered to pay $354.9 million plus interest, which is continually added up. He was given 30 days on February 23 – until March 25 – to provide that amount or a security deposit. The judge found it proven that the ex-president had overstated his assets in order to defraud lenders.
However, a few hours before the deadline, an appeals court ruled that the Republican did not have to provide security for $454 million by midnight, as ordered by a lower court. Instead, he has ten more days to raise security of $175 million. As in all of his legal proceedings, Trump denies any guilt.