As of: February 20, 2024, 4:03 a.m
By: Stefan Krieger
Comments
Press
Split
Donald Trump faces financial challenges, but he has a plan.
His new business idea: selling gold sneakers.
Mar-a-Lago – The many lawsuits that former US President Donald Trump is currently facing have not really damaged his reputation so far.
At least among Republican supporters, as the results of the preliminary decisions for the 2024 US elections impressively demonstrate.
However, the previous judgments have had a huge impact on the 77-year-old's wallet.
Just on Friday (February 16), he was ordered to pay more than $350 million in fines within 30 days.
The civil case was about the future of Trump's corporate empire.
Prosecutors accused Trump, his sons and employees of manipulating the value of the Trump Organization for years in order to obtain cheaper loans and insurance contracts.
The judge had already confirmed this before the trial and now announced the sentence.
Trump has announced an appeal.
Donald Trump sells sneakers with US flags
Almost at the same time as the verdict, the Republican comes up with the next business idea that is supposed to bring a little money into the coffers.
First digital trading cards or expensive photo books - now it's sneakers: Donald Trump advertised gold-colored sneakers at the weekend.
The ankle-high sneakers with a US flag and the letter T for Trump will cost $399 (around €370) and are called “Never give up”.
At the launch of the shoes in the metropolis of Philadelphia, Trump said: “I have some incredible people working with me and they came up with this.” He believes the whole thing will be a great success.
Republican presidential candidate Donald Trump presents a new shoe collection © CHIP SOMODEVILLA/AFP
Trump regularly causes a stir by selling expensive fan merchandise.
A year ago he presented a collection of trading cards for fans.
For $99 a piece there were glorified digital drawings: Trump in a superhero costume (abs included), Trump on a white horse and US flag, Trump on a blue and red elephant.
The Republican has also published illustrated books and a book of letters to him.
Trump sneakers “a real collector’s item”
However, according to the website, the shoes are not “designed, manufactured, distributed or sold” by Donald, his Trump Organization or affiliated companies.
However, the shoe company uses Trump's name, image and likeness as part of a licensing agreement.
According to the site, the gold-colored shoe is already sold out.
“Only 1,000 pairs will be released.
Each pair is numbered.
A real collector’s item,” it says.
In addition to these shoes, other Trump sneakers and Trump perfume are also sold on the website.
However, the sale of the shoes is only likely to alleviate Trump's financial worries to a small extent.
As the
Newsweek
portal has now calculated, Trump would theoretically have to sell around 889,725 pairs of the “Never Surrender High Top” sneakers in order to be able to pay the $355 million with the profits from this model alone.
However, there is an even cheaper sports shoe for $199 on the site.
The former president would then have to sell 1,783,920 pairs to pay the impending fine.
Trump merchandising
To finance his election campaign, Trump regularly causes a stir by selling expensive fan merchandise.
In the past these have included:
My news
“Sudden death syndrome”: Russia has new plans for Navalny’s corpse reading
Traffic light is annoyed with “King Söder”: Baerbock says read breakfast at the security conference
“Path of destruction”: Trump responds with absurd comparative reading after Navalny’s death
Rumors about Putin's death: Kremlin spokesman gives new details
Payment card for asylum seekers: Habeck causes the next dispute - Kubicki threatens to break the traffic light
The pressure is increasing: Habeck is making people sit up and take notice with his statement about electric cars
Trading cards for fans
Illustrated books
A book of letters to him
Pictures showing him in a boxing ring as a muscular cartoon superhero with a “T” on his chest
Drawings of him riding a white horse with a US flag
Donald Trump - The Fragrance: an expensive men's fragrance
Trump finances costs through real estate sales
Another approach seems more serious.
Speaking to the hosts of
MSNBC
's
The Weekend
, reporter Suzanne Craig claimed that the former president appears to have been "hoarding" cash.
However, it seems to be unclear what amount this is.
“He won’t be able to go to banks and get a loan,” she explained.
Craig continued: “One thing that got a little lost because there was so much going on during his presidency is the fact that Donald Trump has been downsizing his financial holdings.
For example, he sold the old post hotel that he had leased in Washington.
He also sold the operating lease on a golf course he owned in New York,” she continued.
“He also quietly sold condos in New York and buildings he owned.
He sold a house in LA.
I don't know if he hoarded the money he sold, we don't know how much money he has available.
Last year he said it was almost 400 million.”
Supporters rally for Trump
But despite all the problems, Trump can also rely on his expensive supporters.
A GoFundMe initiative was launched to finance the former president's mounting legal costs.
The online fundraising campaign was launched by Elena Cardone, the wife of entrepreneur and investor Grant Cardone, as reported by
The Hill
portal .
The campaign's goal is around $355 million - the amount that Judge Arthur Engoron sentenced Trump to as a penalty in the civil fraud case.
By Saturday evening, GoFundMe had already raised more than $185,000 from around 4,000 donors.
“I stand steadfastly with President Donald Trump in the face of what I see as unprecedented and unfair treatment by certain judicial bodies in New York,” Elena Cardone wrote on the GoFundMe page.
She continued: "The recent legal battles he faces are not just an attack on him, but an attack on the ideals of fairness and due process that every American deserves."
But even without this money, Trump is not yet financially exhausted.
“The fines imposed on Trump and the Trump Organization will likely strain Trump’s businesses in a way that has not been done before,” Steven M. Cohen, a professor at New York Law School, told the
Washington Post
.
According to research by the US newspaper, he has earned a billion US dollars since the end of his presidency.
The starvation will not gnaw at him even if the announced appeal negotiations end to his disadvantage.
(skr)