Donald Trump has come out swinging following the verdict of his hush money trial, criticizing Manhattan Supreme Court Judge Juan Merchan as "biased" and "a radical partisan". The statements were made shortly after Merchan upheld Trump’s conviction for falsifying business records linked to payments made to former porn star Stormy Daniels to keep quiet about their alleged affair during the 2016 presidential campaign.
On Truth Social, Trump expressed ire over the ruling, calling it "a completely illegal, psychotic order" and accused Merchan of disrespecting the U.S. Supreme Court, which Trump claimed granted him immunity for actions taken during his presidency. Despite the high court's ruling, Merchan maintained the conviction, which Trump argued contradicted established jurisprudence.
Merchan's decision not to dismiss the 34-count indictment came as Manhattan District Attorney Alvin Bragg contended the actions occurred before Trump assumed office, emphasizing the legal ramifications of falsifying business records do not interfere with presidential duties. These developments leave Trump with looming legal challenges leading up to his presidential inauguration.
Aside from the legal tumult, 2024 has also been notable for Trump's finances, showcasing drastic shifts in his net worth. Early in the year, Trump's wealth was estimated at $2.5 billion. Remarkably, by December, his net worth had soared to around $6.1 billion, illustrating the volatility but also the resilience of his financial portfolio. Events such as his election victory and the public debut of Trump Media & Technology Group (TMTG) have significantly influenced his financial standing.
The launch of TMTG on the stock market marked a watershed moment for Trump, with shares surging 56% almost immediately, raising his wealth from $2.3 billion to $6.4 billion. While the stock experienced wild fluctuations through the year, reaching highs of $8.1 billion by May 2024, it wasn’t without setbacks. For example, the fallout from his conviction related to the hush money case decreased his net worth by approximately $300 million.
Throughout 2024, various factors have contributed to the ups and downs of Trump’s finances. Legal issues escalated as he faced multiple cases, including losing the E. Jean Carroll civil suit which resulted in $5 million damages. Despite these challenges, Trump's net worth has remained above $5 billion through much of the year, benefiting from the rise of TMTG stock and market responses to significant public events.
Perhaps one of the more dramatic instances occurred following an assassination attempt during one of his rallies. This unsettling incident unexpectedly caused TMTG’s share value to spike, adding over $1 billion to Trump's fortune. This unpredictable market reaction showcases how public sentiment can impact financial landscapes.
Finally, Trump's recent electoral victory has also revitalized his financial base. Following his November win, TMTG shares saw another significant uptick, marking another financial high for the former president as he navigated through challenging legal waters. By December, Trump's standing rebounded, closing the year with $6.1 billion, cementing his position as the 530th richest person globally.
With both his legal issues and fluctuated financial status, Trump’s responses have shown resilience. He continues to rally his supporters and use every setback as fuel for his political narrative, positioning himself as both a victim of the judicial system and as someone who remains formidable on the financial front. His next moves, both politically and economically, will likely continue to draw attention as he embraces the dual specters of his controversial legacy and economic recovery.
