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September 01, 2020 1:20pm
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Trump's stock rallies ahead of listing and appeals court win on civil fraud bond

Former President Donald Trump won a reduced bond requirement that spares him from having to cover the full $454 million civil fraud judgment against him before midnight on Monday.

Former President Donald Trump won a reprieve Monday after an appeals court agreed to block New York state authorities from moving to seize his assets and reduced his required bond to $175 million with an extended deadline.

Trump had faced a deadline of midnight on Monday to post a bond covering $454 million in penalties imposed by a New York court in a civil fraud judgment against the former president for overstating his net worth and the value of his real estate properties to secure more favorable terms for loans and other transactions.

The appeals court's ruling reduces that required bond to $175 million and grants Trump an additional 10 days to provide the funding. Trump's lawyers had said they were unable to find surety companies willing to provide him with a bond to cover the judgment during his appeal without him putting up over $557 million – an amount they said would require a total of $1 billion in cash and cash equivalents to have enough capital to operate the business.

Shares in Digital World Acquisition Corp. (DWAC) surged upwards of 21% during Monday's trading session in the wake of the appeals court rules. DWAC is the special purpose acquisition company that plans to list Trump Media & Technology Group on the stock market through a merger that values Trump's stake in Truth Social at about $3.3 billion.

This is a developing story. Please check back for updates.

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