‘I would never invest in New York now, and I’m not the only person saying that,’ Mr. O’Leary said.
Former President Donald Trump said Saturday that the recent court ruling that fined him over $350 million would spark a business exodus from New York State, while venture capitalist Kevin O’Leary said the ruling turned New York into an uninvestable “mega loser state.”
In a civil fraud trial that accused the former president of inflating asset values to get better terms for bank loans, New York Supreme Court Justice Arthur Engoron issued a ruling on Feb. 16, ordering President Trump and Trump Organization executives to pay $355 million in damages, and barring the former president from doing business in the state for three years.
“I paid over $100 million in taxes and they want me out,” President Trump said on Friday, claiming that corrupt officials were driving businesses out of New York.
Then, during a Saturday rally in Michigan, President Trump said he plans to appeal Justice Engoron’s ruling, while predicting the case would have far-reaching implications.
Mr. O’Leary, an entrepreneur and media personality known for his role on the “Shark Tank” program, also denounced the ruling.
First, in an interview with the New York Post, he called it “appalling,” “unjust,” and “un-American,” warning that if it’s not overturned on appeal it could spark an exodus of businesses from the state.
Now, in an interview on Fox News, Mr. O’Leary continued his critique of the ruling, arguing that “there’s no rationale for it” and that it makes New York state, which was already problematic for investors due to uncompetitive regulations, even worse.
🚨NEW: Shark Tank's Kevin O'Leary condemns AG Letitia James and Judge Arthur Engoron's corrupt and baseless ruling against Donald Trump.
— KanekoaTheGreat (@KanekoaTheGreat) February 19, 2024
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"I would NEVER invest in New York now! And I'm not the only one saying that!"
"This $4 billion data center I'm talking about – not a… pic.twitter.com/jJ1JNYHbdS
“I would never invest in New York now, and I’m not the only person saying that,” Mr. O’Leary said.
“Do you think any foreign institution or any private equity firm or any pension fund would touch New York? No! And that’s why New Yorkers should be concerned,” he continued.
“Winner states versus loser states,” Mr. O’Leary said. “Look at Tennessee right now. Fastest growing city in America right now. Nashville. Winner state, good policy, competitive taxes. You’ve got to start thinking about this in context of winners and losers.”
By Tom Ozimek
