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In 2024, Donald Trump, the 45th President of the United States, is facing financial challenges that could potentially lead to bankruptcy. Despite the usual negative connotations associated with someone going broke, in Trump’s case, it stems from legal consequences related to past actions for which he was not held accountable.
The former president, who became the first ex-U.S President to be indicted, encountered obstacles like being barred from Maine and Colorado’s 2024 ballots, with other states aiming for similar exclusions. He is currently entangled in a defamation lawsuit filed by E. Jean Caroll, a former Elle columnist. In 2023, Caroll won $5 million in damages when a jury found Trump guilty of sexually abusing her and making defamatory statements in 2019.
The new defamation trial, initiated earlier this month, could potentially result in Trump having to pay an additional $10 million in compensatory damages to Caroll. The legal team is seeking “tens of millions of dollars” in compensation for Trump’s public derogatory statements about Caroll, including calling her a “whack job” and asserting that she is not his “type.”
Former Department of Justice litigator Gene Rossi emphasized that Trump’s conduct during the trial, along with the actions of his lawyers, might influence the jury’s decision on awarding compensation. Despite the potential financial setback from losing the trial, Trump’s overall financial situation could worsen if he faces further losses in other legal battles, such as the New York civil fraud trial.
The prospect of Trump filing for bankruptcy, particularly during an election year, raises questions about the impact on his political aspirations. Trump’s financial challenges, coupled with ongoing legal troubles, add an intriguing twist to the events of 2024, injecting an element of uncertainty into the former president’s future.