Billionaire Mark Cuban on Tuesday gave Democratic California Rep. Ted Lieu an investing lesson after he expressed doubt about former President Donald Trump’s billionaire status.
Trump’s lawyers said the former president is unable to post a $454 million bond in his appeal of a New York civil fraud judgment against him. Cuban said that although he is anti-Trump, Lieu is wrong that the former president’s inability to post the bond means he is not a billionaire, explaining that one does not need a billion dollars in cash in order to have this status in a Tuesday post. (RELATED: Trump Posts $91 Million Bond As He Appeals E. Jean Carroll Verdict)
Ted, you know I’m no supporter of Trump. That’s for damn sure.
How anyone can vote for someone who has so many of his executive employees turn on him, and, say he is incompetent is beyond me.
But you are wrong on this topic Ted.
Net worth is completely different than… https://t.co/WG6cY1t5qq
— Mark Cuban (@mcuban) March 19, 2024
“Trump claims he is a billionaire. But he can’t pay a $464 million judgement. That means he is lying.” Lieu posted. “How do I know? Math. #TrumpIsBroke.”
“Ted, you know I’m no supporter of Trump. That’s for damn sure,” Cuban responded on X. “How anyone can vote for someone who has so many of his executive employees turn on him, and, say he is incompetent is beyond me. But you are wrong on this topic Ted. Net worth is completely different than cash in the bank. We were in a zero interest rate environment for a long, long time. So keeping cash in the bank or even money markets was dumb. In fact searching for yield is what killed small banks last year.”
AUSTIN, TEXAS – MARCH 10: Mark Cuban and Kara Swisher at Vox Media Podcast Stage Presented by Atlassian at SXSW on March 10, 2024 in Austin, Texas. (Photo by Rick Kern/Getty Images for Vox Media)
LAS VEGAS, NEVADA – JULY 08: Mark Cuban attends the Fanatics x NBPA Summer Players Party hosted by Michael Rubin at Tao Nightclub at The Venetian Resort Las Vegas on July 08, 2023 in Las Vegas, Nevada. (Photo by Greg Doherty/Getty Images)
AGOURA HILLS, CALIFORNIA – APRIL 22: U.S. Congressman Ted Lieu speaks at the Wallis Annenberg Wildlife Crossing Groundbreaking Celebration on April 22, 2022 in Agoura Hills, California. (Photo by Jon Kopaloff/Getty Images for The National Wildlife Foundation)
Trump allegedly falsified his company’s assets in order to obtain loans for business ventures.
“You can also argue Trump sucked at growing his net worth which led to him putting himself in this position by lying to banks about his assets,” Cuban wrote. “There is only one reason to lie on a loan application – you have to.”
CHICAGO, ILLINOIS – MARCH 11: Mark Cuban of the Dallas Mavericks high fives Maxi Kleber #42 after they defeated the Chicago Bulls at the United Center on March 11, 2024 in Chicago, Illinois. (Photo by Michael Reaves/Getty Images)
DALLAS, TEXAS – MARCH 13: (L-R) Dallas Mavericks owner Mark Cuban, Luka Doncic and Kyrie Irving watch first-half play against the Memphis Grizzlies at American Airlines Center on March 13, 2023 in Dallas, Texas. (Photo by Sam Hodde/Getty Images)
WASHINGTON, DC – OCTOBER 24: Rep. Ted Lieu (D-CA) speaks during a press conference at the US Capitol on October 24, 2023 in Washington, DC. (Photo by Anna Rose Layden/Getty Images)
Forbes estimates Trump’s net worth to be $2.6 billion and it is comprised mostly of “hard” assets, the most significant among them being commercial property. Cuban also explained why the current real estate market, where Trump has most of his assets, is not helping the former president get a loan.
“On a more macro basis Ted. Even if rates were along a long term trend line for the past ten years, few people are keeping more than 45 percent of their assets in liquid assets,” Cuban asserted. “And as far as the bond companies Trump’s assets are mostly interests in commercial real estate and foreign assets. No bond company is loaning against them in this commercial real estate market, if ever.”
Lieu did not immediately respond to the Daily Caller News Foundation’s request for comment.
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