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What Trump Suing The BBC Could Reveal About His Finances
Topline President Donald Trump’s $10 billion lawsuit against the BBC could unintentionally force him to shed light on his own personal finances, as the trust holding the president’s assets was ordered Monday to turn over financial documents to the broadcaster in order to prove Trump’s business and reputation was damaged as much as he claims.
Trump is suing the BBC for allegedly “deceptively” editing a video of the president’s speech on Jan. 6, 2021, which the broadcaster used in a 2024 documentary, claiming the video was edited in order to falsely suggest he was trying to incite violence on Jan. 6 and bias viewers against him in the 2024 election.
The president wants the BBC to pay him up to $10 billion in damages for the alleged harm the edited footage caused him, and the BBC is asking him to prove those damages are accurate, demanding information about his finances to show the footage caused as much material harm to the president as he claims.
The BBC subpoenaed the revocable trust that holds Trump’s assets, asking for a variety of financial documents regarding his finances and the value of some 400 businesses he’s connected to, including tax returns—which the trust argued it shouldn’t have to hand over, arguing it’s not a party to the lawsuit and the request for financial information is overbroad.
Judge Enjolique A. Lett ruled at a hearing last week and in a written order Monday that the financial documents must be turned over, writing Monday, “The information the Trust possesses is relevant and material to any damages analysis [the BBC] may elect to conduct.”
Lett ordered the trust to start turning over documents within the next 10 days, though it’s still possible Trump’s lawyers could appeal the ruling and try to keep the financial documents under wraps.
Trump’s legal team did not comment to Forbes on whether they would appeal the ruling, but only said Trump’s “powerhouse lawsuit is holding the BBC accountable for its defamation and reckless election interference.”
Forbes values Trump’s net worth at $6.4 billion as of Tuesday afternoon. His wealth is made up of assets including his cryptocurrency holdings, real estate investments, licensing deals and his stake in Trump Media and Technology Group, among others. Those assets are all held by his revocable trust.
Trump has not formally divested from the Trump Organization or his other businesses during either of his presidential terms, electing instead to put his assets into a revocable trust that’s meant to take away Trump’s direct control over his finances. The trust is controlled by his son Donald Trump Jr., and the president is the sole donor and beneficiary, meaning he’s the only one who puts assets into the trust or can get money out of it. While the trust puts some daylight between Trump and his finances, it’s still garnered controversy for not being distanced enough from the president, and a regulatory filing last year confirmed he “has the right to exercise, or actually exercises, significant influence or control” over the trust. The Trump Organization said in an ethics paper after Trump’s reelection that the president’s assets would remain in the trust, and the company appointed an outside ethics advisor to help advise it on any ethical issues regarding the president’s business interests—though it later fired that advisor at Trump’s suggestion. The president and the Trump Organization have maintained the president’s business ties are not unlawful, however, with the Trump Organization arguing, “Neither federal law nor the United States Constitution prohibits any President from continuing to own, operate and/or manage their businesses, investments and others assets while in office.”
The BBC’s subpoena asks for a broad swath of financial documents “that reflect the Trust’s holdings and value,” though Lett’s ruling Monday limits the initial expansive request to only include documents dated between Jan. 1, 2023, and the present. Among the details the subpoena asks for are any documents showing the agreement that created the trust, the total value of the trust, all assets and properties owned by the trust and any tax returns the trust has filed. It asks for an accounting of how the value of the trust has changed each year, which would show if Trump’s businesses lost money as a result of the BBC documentary. The subpoena also asks for information about Trump’s individual businesses and assets within the trust, including details on property deeds, the value of each entity and documents showing the trust’s ownership of each entity. Under the subpoena, the trust must also provide details about any intellectual property held by the trust, as well as “tangible personal property” like “motor vehicles, jewelry, art, antiques [and] collectibles.” The subpoena identifies hundreds of Trump-linked business entities that are part of the trust and subject to the subpoena, including companies tied to individual Trump properties, crypto company World Liberty Financial, Trump Media & Technology Group, the Trump Organization and companies that handle Trump’s licensing deals.
While Trump’s trust will have to hand over financial documents to the BBC, there’s so far no clear indication on how many of those documents could actually be released publicly, as there’s a protective order in the case that allows materials to remain confidential. That being said, the BBC’s analysis of the documents and whether they actually justify the full amount Trump’s asking for would likely be public, and the public is still likely to gain insights from the documents the trust provides.
Trump’s lawsuit against the BBC is pending and the court has not yet ruled on the broadcaster’s request to have the litigation thrown out. The BBC argues the case should be dismissed because the documentary footage was not defamatory, and because the BBC does not have a presence in Florida, where Trump filed the lawsuit, that justifies him suing the company there. Trump’s lawy...
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