Judge orders Trump trust to turn over financial docs in $10B BBC defamation suit

Topline

President Donald Trump's $10 billion lawsuit against the BBC could unintentionally compel him to disclose his personal finances. A judge has ordered the trust holding the president's assets to turn over financial documents to the broadcaster, which the BBC needs to verify whether Trump's business and reputation were damaged as severely as he claims.

Key Facts

• Trump is suing the BBC for allegedly "deceptively" editing a video of his speech on January 6, 2021. The broadcaster used the edited footage in a 2024 documentary, and Trump claims it was manipulated to falsely suggest he was inciting violence on January 6 and to bias viewers against him in the 2024 election.

• The president is seeking up to $10 billion in damages for the alleged harm caused by the edited footage. The BBC is demanding that Trump prove those damages are accurate by providing information about his finances, to demonstrate that the footage caused the material harm he claims.

• The BBC subpoenaed the revocable trust that holds Trump's assets, requesting a range of financial documents—including tax returns—related to his finances and the value of some 400 businesses he is connected to. The trust argued it should not have to comply, claiming it is not a party to the lawsuit and that the request is overbroad.

• Judge Enjolique A. Lett ruled at a hearing last week and issued a written order on Monday that the financial documents must be turned over. In her order, she wrote: "The information the Trust possesses is relevant and material to any damages analysis [the BBC] may elect to conduct."

• Lett ordered the trust to begin turning over documents within the next 10 days. Trump's lawyers may still appeal the ruling in an effort to keep the financial documents confidential.

• Trump's legal team did not comment to Forbes on whether they would appeal, but stated: "Trump's powerhouse lawsuit is holding the BBC accountable for its defamation and reckless election interference."

Forbes Valuation

Forbes values Trump's net worth at $6.4 billion as of Tuesday afternoon. His wealth comprises cryptocurrency holdings, real estate investments, licensing deals, and his stake in Trump Media and Technology Group, among other assets. All of these assets are held by his revocable trust.

What Is Trump's Revocable Trust?

Trump has not formally divested from the Trump Organization or his other businesses during either of his presidential terms. Instead, he placed his assets into a revocable trust designed to remove his 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 is the only person who can put assets into the trust or withdraw money from it.

While the trust creates some separation between Trump and his finances, it has drawn controversy for not being sufficiently distanced from the president. A regulatory filing last year confirmed that Trump "has the right to exercise, or actually exercises, significant influence or control" over the trust.

After Trump's reelection, the Trump Organization stated in an ethics paper that the president's assets would remain in the trust, and the company appointed an outside ethics advisor to help navigate potential conflicts of interest. However, the company later fired that advisor at Trump's suggestion.

The president and the Trump Organization maintain that his business ties are not unlawful. The Trump Organization has argued: "Neither federal law nor the United States Constitution prohibits any President from continuing to own, operate and/or manage their businesses, investments and other assets while in office."

What Information Is the BBC Asking For?

The BBC's subpoena requests a broad range of financial documents from the trust, including tax returns and records related to the valuation of Trump's business interests.