Donald Trump lauded Kevin O’Leary, a Shark Tank investor, for his decision to pull out of New York following a New York judge’s ruling in the ex-president’s civil fraud case.
What Happened: Former President Trump was ordered by Judge Arthur Engoron to pay approximately $355 million and was banned from conducting business in New York for three years. This ruling followed a lawsuit filed by New York Attorney General Letitia James in September 2022, accusing Trump and others of fraudulently inflating assets to secure more favorable bank loans and tax deals.
Trump, who has consistently maintained his innocence, took to his social media platform, Truth Social, to praise O’Leary after the investor, in turn, expressed his shock at the ruling.
“Kevin O’Leary is so great, and tells it like it is. Businesses will flee NYC & State after the Corrupt Judge’s ruling!”
O’Leary told Fox News that he would not invest in New York due to its high taxes and uncompetitive regulation.
“I’m no different than any investor, I’m shocked at this. I can’t even understand or fathom the decision at all. There’s no rationale for it,” referring to the New York ruling.
“It doesn’t matter what the governor says, New York was already a loser state, like California is a loser state. There are a lot of loser states because of policy, high taxes, uncompetitive regulation,” O’Leary said.
“I would never invest in New York now and I’m not the only person saying that.”
“It’s not just the existing businesses that are fleeing out to Texas and Florida. What about new money like what I’m talking about like a $4 billion data center? Not a chance I would put that in New York. Zero probability. Never. And so they’ve got a lot of work to do to find themselves getting out of this situation.”
Trump’s lawyer, Christopher Kise, has confirmed that the former President will appeal the ruling. Meanwhile, James has hailed the decision as “a massive victory.”
Why It Matters: The ruling significantly blows Trump's business empire. It challenges the very identity that Trump has built for himself over the years as a successful business mogul, reality TV star, and, ultimately, the President of the United States. Trump Organization is also prohibited from securing loans from financial institutions registered with the city for three years. Trump himself has been banned from holding any directorships for the same period.
In a previous interview with The Post, O'Leary condemned the judgment as "unjust," "appalling," and "un-American."
Economist Peter Schiff has also weighed in on the ruling, suggesting that it is part of an “organized effort by the Democratic establishment to weaponize a corrupt judicial system to target Trump.” Schiff argues that the ruling is not only about interfering in the 2024 election but also an attempt to dissuade other businessmen from entering politics.
After being slapped with a fine and 3-year ban, Trump, publicly criticized the ruling, accusing Engoron of being a “crooked New York State Judge” and James of being a “totally corrupt Attorney General.” He said, “I helped New York City during its worst of times, and now, while it is overrun with Violent Biden Migrant Crime, the Radicals are doing all they can to kick me out…”
Photo via Shutterstock
This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
