Kevin O'Leary says he will no longer invest in 'loser' New York after Trump verdict
“Shark Tank” investor Kevin O’Leary ripped into what he called “loser” New York and vowed to no longer invest in the state, when asked about a New York court’s $355 million verdict against former President Trump last week.
Trump, his business and his top executives — including the former president’s sons — were dealt a major blow last Friday when Judge Arthur Engoron ordered him to pay more than $355 million for conspiring to alter his net worth to receive tax and insurance benefits. The order also blocks Trump from participating in New York business for three years.
“This award, I mean, just leaving the whole Trump thing out of it and seeing what occurred here … And I’m no different than any other investor, I’m shocked at this,” O’Leary said in an interview Monday with Fox Business. “I can’t even understand or fathom the decision at all. There’s no rationale for it.”
The award was part of New York Attorney General Letitia James's (D) lawsuit against the former president, the Trump organization and his executives based on more than a decade of fraud and capped off a months-long civil fraud trial in the state.
O’Leary, the chairman of O’Leary Ventures, argued New York was “already a loser state,” citing policy, high taxes and uncompetitive regulation as primary reasons.
“It was already on the top of the list of being a loser state. I would never invest in New York now,” O’Leary said. “And I’m not the only person saying that.”
O’Leary claimed existing businesses and new ventures are going to different states such as Texas and Florida.
“So, they’ve got lots of work to do to find themselves getting out of this situation. This has all occurred post-pandemic … winner states versus loser states," he said.
Fox Business anchor Neil Cavuto then asked O’Leary what he thinks about New York Gov. Kathy Hochul's (D) attempted assurances to New York business owners, in which she told residents there was “nothing to worry about.”
“We’re very worried, every investor is worried because where is the victim? Who lost the money? This is some arbitrary decision a judge made,” O’Leary responded. “This policy … what does this say about the bar? About the legal bar in New York? Aren't they going to question this judge? What is this?”
“I’m sorry her words fall on deaf ears to everybody,” he added. “There’s nothing she can say to justify this decision. And this has nothing to do with Trump, nothing to do with Trump. Forget about Trump, this is not a Trump situation, this is a New York problem.”
The Hill reached out to Hochul's office for comment.
Trump celebrated O’Leary’s remarks on his social media platform Truth Social, writing, “Kevin O’Leary is so great, and tells it like it is. Businesses will flee NYC & State after the Corrupt Judge’s ruling!”