Rudy Giuliani, once celebrated as “America’s Mayor” for his leadership in the aftermath of the 9/11 attacks, now faces severe financial troubles. His career trajectory, spanning high-profile public service to lucrative private-sector endeavors, culminated in bankruptcy by the end of 2023. The dramatic shift in Giuliani’s financial status stems from a series of legal battles, most notably a defamation case resulting in a staggering $148 million judgment against him.
A Multimillionaire’s Rise and Fall
Giuliani, 79, built a formidable net worth following his tenure as Mayor of New York City from 1994 to 2001. After leaving public office, Giuliani capitalized on his fame through lucrative speaking engagements, advisory roles, and his firm, Giuliani Partners. By the late 2000s, his net worth was estimated to exceed $50 million, with an annual income reportedly surpassing $17 million.
However, Giuliani’s wealth began to dwindle due to mounting legal expenses, a costly third divorce, and unsuccessful political ventures. His bid for the presidency in 2008 drained millions, while his alignment with former President Donald Trump further entangled him in legal controversies. Today, his net worth may be significantly less than $50 million, with liabilities outstripping assets.
The Defamation Case and $148 Million Judgment
In December 2023, Giuliani’s financial woes deepened when a Washington, D.C., jury ordered him to pay $148 million to two Georgia election workers, Ruby Freeman and her daughter, Wandrea “Shaye” Moss. The defamation lawsuit stemmed from Giuliani’s repeated false claims implicating the pair in election fraud during the 2020 presidential election.
Freeman and Moss’s attorneys initially requested $48 million in damages. However, the jury awarded $16.2 million to Freeman and $17 million to Moss for reputational damage, $20 million each for emotional distress, and $75 million in punitive damages. The overwhelming judgment not only devastated Giuliani’s finances but also underscored the legal ramifications of spreading false election claims.
Bankruptcy Filing and Immediate Payment Ruling
Days after the ruling, Giuliani filed for Chapter 11 bankruptcy on December 21, 2023. This legal move followed Judge Beryl Howell’s order that Giuliani must immediately pay the awarded damages. In her ruling, Howell expressed skepticism about Giuliani’s financial transparency, questioning his claims of insolvency.
“His financial difficulties are difficult to reconcile with the resources he dedicates to maintaining a public persona, including employing a spokesperson,” Howell noted.
Despite his bankruptcy filing, the judge’s concerns suggest ongoing scrutiny over Giuliani’s assets and income sources. His Manhattan apartment, listed for $6.5 million in July 2023, remains unsold, representing one of his last significant assets.
Personal Struggles and Family Impact
Giuliani’s personal life reflects the turbulence of his financial struggles. He has been married three times, with his most recent divorce from Judith Nathan reportedly costing millions in settlements and legal fees. Giuliani shares two children, Andrew Giuliani, a former Trump aide and political commentator, and Caroline Giuliani, a filmmaker and activist.
While Giuliani’s family has remained largely private regarding his legal battles, Andrew has publicly defended his father. However, the defamation case and subsequent bankruptcy have undoubtedly affected the Giuliani family dynamic.
Giuliani’s Attempts to Generate Income
Facing mounting debt, Giuliani resorted to unconventional methods to generate income. In 2023, he sold commemorative 9/11 T-shirts for $911 and advertised sandals promoted by Trump ally Mike Lindell. Giuliani also joined the personalized video platform Cameo, offering messages for $325, though his profile is currently inactive.
Giuliani’s primary sources of income include a radio show and podcast, reportedly earning him around $400,000 annually. However, these earnings pale in comparison to his legal obligations. In addition to the $148 million judgment, Giuliani owes approximately $3 million in legal fees, with his former attorney suing him for $1.4 million in unpaid bills.
Future Prospects and Uncertainty
With his net worth plummeting and legal troubles mounting, Giuliani’s financial future appears bleak. While his bankruptcy filing may temporarily shield him from creditors, the defamation ruling signals prolonged legal entanglements. Efforts to liquidate assets, including his Manhattan apartment, could alleviate some debt, but Giuliani’s capacity to fully repay damages remains uncertain.
As Giuliani navigates his legal and financial battles, his legacy continues to shift from a celebrated public figure to a cautionary tale of political and financial downfall. The coming months will reveal whether the former mayor can rebuild his fortune or if this bankruptcy marks the closing chapter of his storied career.
