Billionaire entrepreneur Cuban refutes claims of Trump's financial woes, citing disparities between net worth and available cash. (Getty Images)
Mark Cuban has come to the defense of former President Donald Trump amidst accusations from Democratic Representative Ted Lieu of California, who suggested Trump lied about his net worth. Lieu utilized the hashtag #TrumpIsBroke on social media following assertions from Trump's legal team that he failed to secure a significant bond sum in his civil fraud case, despite approaching over 30 firms.
In a detailed response to Lieu's claims, Cuban, a prominent billionaire entrepreneur and former host of "Shark Tank," offered a differing perspective. Cuban, who clarified his lack of support for Trump, disagreed with Lieu's assessment, stressing the disparity between net worth and readily available cash.
Beginning his rebuttal by acknowledging his lack of support for Trump and questioning how anyone could endorse a leader facing such widespread criticism, Cuban contended that Lieu's argument missed the mark. He argued that, given the prevailing zero-interest rate environment, it would have been imprudent for Trump to keep significant cash reserves in low-yield accounts. Cuban also criticized the extended period of low-interest rates, which he claimed Trump advocated for, suggesting it incentivized non-cash investments.
Cuban further suggested that Trump's reliance on non-cash investments may have contributed to his current financial predicament, speculating that Trump may have exaggerated his assets to secure loans. He emphasized that the nature of Trump's assets, particularly commercial real estate and foreign holdings, made them ill-suited as collateral in the current market.
Trump's legal team had previously indicated that he was unwilling to sell off his properties to meet the bond requirement, fearing substantial losses in a forced sale scenario. Cuban's remarks come in the wake of his disclosure earlier this month that he voted for Nikki Haley over Trump in the Texas GOP presidential primary and intends to support President Biden in the upcoming election, regardless of circumstances.
In a candid interview with Bloomberg News, Cuban reaffirmed his stance, indicating that even in hypothetical scenarios where Trump's political future hung in the balance, he would still opt for Biden. These comments underscore Cuban's divergence from Trump's policies and actions, despite his defense against accusations of financial misrepresentation.
