Opinion: Trump is going to have to sell a lot of sneakers to pay his judgments
Opinion by Dean Obeidallah
(CNN) — Are you looking for a gold-colored pair of high-top sneakers that will show your devotion to former President Donald Trump? Apparently, you’re not the only one.
Just one day after being hit with a $355 million penalty after a New York judge found he fraudulently inflated the value of his properties, Trump traveled to Philadelphia Saturday for “Sneaker Con” — a gathering that bills itself as the “The Greatest Sneaker Show on Earth” — to hawk a new line of Trump sneakers.
Trump’s gilded, top-of-the-line “Never Surrender High-top sneaker” that he showed off during a brief appearance at the event will set you back $399. The rear ankle of the shoes is emblazoned with an American flag.
But if a gaudy high-top isn’t your thing, then maybe Trump can interest you two other versions of his kicks available online at the same gettrumpsneakers.com website: a red sneaker called the “T-Red Wave” or a white model dubbed the “POTUS 45.” Both bear a large “T” and the number “45.”
Don’t get too eager to wear these bad boys any time soon however, because according to the website they are made to order and won’t ship until July at the earliest. The same site is also promoting Trump-inspired “Victory 47” cologne and “Victory 47” perfume, each selling for $99 per bottle. I suppose they’re for people who want to smell like a cross between desperation and victimhood.
These latest Trump offerings may not seem destined to have more success than Trump’s failed business ventures, such as his Trump Vodka and Trump Steaks. But the former president may be feeling pressed for cash after last week’s ruling.
The judge who imposed Friday’s fine wrote in his opinion that Trump’s fraudulent business practices “shock the conscience” and that his “complete lack of contrition and remorse borders on pathological.” The total amount Trump must pay comes to more than $450 million when interest on the penalty is included, a sum which, the New York Times noted, could “wipe out” all of his cash reserves.
It’s just the latest in a series of financial blows dealt to the former president, including an $83.3 million federal jury verdict against him in late January for defaming writer E. Jean Carroll. Trump is expected to appeal both rulings, but he will be required during the appeals process to post bonds covering about 10% of the $500 million he owes — that would amount to a still hefty $50 million.
Then there’s Trump’s massive legal fees in connection with his four criminal cases. According to recent Federal Election Commission filings, Trump’s two largest political action committees — Save America PAC and Make America Great Again PAC — spent more than $50 million in campaign funds on his legal fees in 2023.
His campaign’s cash flow has been further hurt by lackluster fundraising. In the fourth quarter of 2023, Trump’s presidential campaign raised a paltry $19 million — down significantly from the $25 million the campaign raised in the third quarter of 2023. A presidential campaign should be raising more money as the election nears, not less. (By contrast, President Joe Biden’s campaign raised $33 million in the fourth quarter of 2023.)
Trump’s fundraising woes could help explain why he recently endorsed his daughter-in-law Lara Trump to be the co-chair of the Republican National Committee (RNC). She has pledged to spend “every single penny” RNC funds to help her father-in-law win at the ballot box this fall.
It’s difficult to know how much Trump actually stands to benefit financially from his new sneaker line. The shoes are neither manufactured nor distributed by Trump, who licensed his name and likeness to a company called CIC Ventures, LLC. (Incidentally, the website that sells “President Trump’s Official Sneaker” does not disclose where the shoes are manufactured.)
But whatever the compensation, it appears to have been enough to get him to travel to Philadelphia, where he touted the sneakers to a mixture of cheers and boos from the crowd. The good news for Trump is that according to the website, the gold high-tops — limited to 1,000 pairs — sold out. Perhaps the sneakers went so fast because they came with a Trump “Superhero charm.”
Given the apparent success of the sneaker, who knows what Trump does next to raise money? Given the adage, “There’s a sucker born every minute,” we can expect Trump will raise a decent chunk of money with this latest venture — and whatever else he dreams up.
My question is what happens if Trump ends being convicted of any of the 91 felonies he’s charged with? Will the company release a “POTUS in Leavenworth” athletic shoe with the “45” replaced by Trump’s inmate number?
Now, that’s a sneaker I’d love to buy.
The-CNN-Wire
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