“Shark tank” investor Kevin O'Leary ripped into what he called a “loser” and vowed not to invest in the state again when asked about a New York court's $355 million judgment against former President Trump last week.
Trump, his businesses and his top executives — including the former president's sons — were dealt a major blow last Friday when Judge Arthur Engron ordered him to pay more than $355 million for conspiring to manipulate his net worth to get tax and insurance benefits. The order also bars Trump from participating in New York business for three years.
“This award, I mean, leaving aside the whole Trump thing and looking at what happened here … I'm no different than any other investor, I'm shocked by this.” O'Leary said in an interview Monday with Fox Business. “I couldn't understand or understand the decision. There is no justification for it.”
The award is part of New York Attorney General Letitia James' (D) lawsuit against the former president, the Trump Organization and his executives based on more than a decade of fraud.
O'Leary, president of O'Leary Ventures, argued that New York is “already a failed state,” citing policy, high taxes and anti-competitive regulation as primary causes.
“It was already at the top of the list of failed states. I wouldn't invest in New York now,” O'Leary said. “I'm not the only one saying that.”
O'Leary said existing businesses and new ventures are moving to states as diverse as Texas and Florida.
“So, they have a lot of work to do to figure out how to get themselves out of this situation. All of this has happened post-pandemic … states that have won and states that have failed,” he said.
Fox Business host Neil Gaudeau asked O'Leary what he thought about New York Gov. Cathy Hochul (D) trying to guarantee New York business owners, in which he told residents there was “nothing to worry about.”
“We're very concerned, every investor is concerned, because where's the victim? Who lost the money? This was an arbitrary decision by a judge,” O'Leary responded. “This policy … what does this say about the bar? About the New York bar? This Aren't you going to question the judge? What is this?”
“I'm sorry her words fell on everyone's ears,” he added. “She has nothing to say to justify this decision. This has nothing to do with Trump, nothing to do with Trump. Forget Trump, this is not Trump's position, this is a New York problem.”
Hill has reached out to Hochul's office for comment.
Trump celebrated O'Leary's comments On his social media site Truth Social, “Kevin O'Leary is awesome and tells it like it is. Businesses leaving NYC & state after corruption judge's ruling!”
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