On Tuesday, Mark Cuban defended former President Donald Trump after a Democrat lawmaker accused him of lying about his net worth.
California Democrat Representative Ted Lieu used the hashtag “TrumpIsBroke” in a post on X, formerly known as Twitter after the former president’s attorneys told a court in New York that the 77-year-old failed to secure the bond sum of nine figures in his civil fraud case despite approaching over 30 firms.
“Trump claims he is a billionaire. But he can’t pay a $464 million judgment. That means he is lying. How do I know? Math,” wrote Lieu.
Billionaire entrepreneur and former host of “Shark Tank,” Cuban, came to Trump’s defense in a lengthy response to the Democratic congressman. He argued that “Net worth is completely different than cash in the bank.”
“Ted, you know I’m no supporter of Trump. That’s for damn sure,” said Cuban in his post. “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.”
Cuban noted that a “zero interest rate environment” would have been “dumb” for Donald Trump to keep his cash in a money market or bank account.
“Also dumb was keeping interest rates that low for that long. Something Trump demanded more of,” the Dallas Mavericks minority owner claimed. “So, you can argue that [Trump] put himself in this situation by making sure that the only way to grow his net worth was non-cash investments. 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,” continued Cuban.
“There is only one reason to lie on a loan application — you have to,” said Cuban.
Cuban: Few people have large percentage of liquid assets
Cuban said a “few people are keeping more than 45 percent of their assets” liquid, and Trump’s non-liquid foreign assets and commercial real estate would be impossible to use as collateral.
“No bond company is loaning against them in this commercial real estate market, if ever,” argued Cuban.
Former President Trump refuses to sell off properties to put up the bond in his civil fraud judgment since it would result in significant losses, said his lawyers in a court filing.
Earlier in the month, Mark Cuban revealed he voted for Nikki Haley, former Governor of South Carolina, in the Texas Republican primary over Trump and that he plans to vote for President Biden in November.
“If they were having his last wake, and it was him versus Trump, and he was being given last rites, I would still vote for Joe Biden,” said Cuban to Bloomberg.
