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SYMBOLIC BLOW
While the details of how the ruling will be carried out remain unknown, and though James must still go to trial for the US$250 million, the ruling is a symbolic blow to “the story that Donald Trump tells about himself as a businessman”, says Will Thomas, a University of Michigan assistant professor of business law.
“We’ve seen even before he was president, Donald Trump really cares about his net worth as a reflection of his talent,” Thomas told AFP.
“And what we saw yesterday is a court saying, ‘There’s no dispute about the fact that Donald Trump has systematically lied about his wealth’, in really dramatic ways, up to hundreds of millions or even billions of dollars.”
But if Trump’s business dealings were key to helping him win the White House once before, it is unclear if the potential dissolution of his empire will hurt him this time around.
The fraud case is not even among his four most serious court cases right now, where he is accused, among other charges, of hoarding secret documents and trying to overturn the 2020 presidential election.
And despite the fact that he might be spending so much time in court when he could be campaigning, he remains the Republican favourite in the race to challenge Joe Biden in 2024.
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