(UnitedHeadlines.com) – Billionaire entrepreneur and Dallas Mavericks minority owner Mark Cuban defended former President Donald Trump after Democratic California Rep. Ted Lieu accused Trump of lying about being a billionaire.
In a March 19 post on Twitter, Lieu wrote that because Trump could not secure a $464 million bond sum for his civil fraud case, which “means he is lying” about being a billionaire. He also said bond companies would have provided the bond if Trump had enough assets. The post included the hashtag “TrumpIsBroke.”
Lieu’s post came after Trump’s lawyers said in a March 18 court filing that he could not secure the nine-figure bond sum even after using four separate brokers to approach over 30 firms, adding, “under the circumstances presented,” securing one is a “practical impossibility.” The filing said that securing a bond “of this enormous magnitude” would require “cash reserves approaching $1 billion,” adding that is something that is “unprecedented for a private company.”
In a lengthy post on Twitter, Cuban, the former host of “Shark Tank,” responded to Lieu, defending Trump, whom he said he does not support, adding that he does not know how people can vote for him. Despite his dislike for Trump, Cuban continued defending him, telling Lieu, “You are wrong on this topic.”
He then continued explaining the difference between cash in the bank and net worth. He said it would be “dumb” for Trump to have money in the bank in the “zero interest rate environment” that the country had been in, meaning Trump had to “grow his net worth” through “non-cash investments.” Cuban argued that no bond company would allow Trump to use his “non-liquid commercial real estate and foreign assets” as collateral in this commercial real estate market.
In a court filing, Trump’s attorneys said he would not sell his properties to secure the bond because that would result in massive losses.
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