The Billionaire Behind the $175 Million Bond Payment for Trump: A Closer Look at Don Hankey

Former President Donald Trump and his co-defendants in his New York civil fraud case made headlines on Monday by posting a bond of $175 million. This move came after a judge ruled that they had misrepresented the value of Trump’s properties for years. The bond, underwritten by an insurance company run by billionaire Don Hankey, is a significant development in the ongoing legal battle.

Hankey, a little-known mogul with a $7.4 billion fortune, built his wealth through car dealerships and providing subprime auto loans. Despite being richer than Trump, Hankey stated that he has never met nor spoken with the former president. His company, Knight Specialty Insurance, provided the cash and bonds as collateral for Trump’s appellate bond, which will guarantee payment if the judgment against Trump is upheld on appeal.

Hankey’s journey in the auto industry began when his father bought a stake in a Ford dealership in 1958. He later ventured into providing subprime auto loans, catering to buyers rejected by other car sellers. This led to the establishment of Westlake Financial Services, which now works with over 30,000 car dealerships nationwide.

While Hankey admitted to voting for Trump in the past, he emphasized that his decision to extend the bond was purely a business deal. The $175 million bond will freeze enforcement of the financial judgment as Trump appeals the ruling. If successful, Trump will not have to pay the state anything and will receive a refund. Trump’s lawyer, Alina Habba, expressed confidence in overturning the verdict on appeal.