Shark Tank investor Kevin O’Leary has publically criticized New York, calling it a “loser state” and vowing not to invest in the state following a New York court’s $355 million verdict against former President Trump.
The verdict, delivered by Judge Arthur Engoron, orders Trump to pay over $355 million for conspiring to manipulate his net worth for tax and insurance benefits, and bans him from participating in New York Business for three years. The ruling was the result of a civil fraud trial, part of New York Attorney General Letitia James’s lawsuit against Trump, the Trump organization, and his executives, alleging more than a decade of fraud.
O’Leary, the chairman of O’Leary Ventures, lambasted New York for its policy, high taxes, and uncompetitive regulation, stating that it was already a “loser state” before this ruling. He declared that he would never invest in New York now, and that businesses are shifting to states like Texas and Florida.
Fox Business anchor Neil Cavuto questioned O’Leary on New York Governor Kathy Hochul’s reassurances to business owners, to which O’Leary responded with skepticism, expressing concern about the legal implications of the court’s decision and dismissing the Governor’s attempts to allay fears.
President Trump celebrated O’Leary’s remarks on his social media platform, Truth Social, lauding O’Leary’s statements and predicting that businesses would leave New York after the court’s ruling.
As the controversy continues to unfold, the future of investment and business in New York remains uncertain in the wake of this ruling.
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