Kevin O’Leary said Donald Trump’s $350 million fraud ruling in New York is causing him to reconsider investing in the state, which he now deems a “mega loser state”.
O’Leary was shocked by the ruling, saying it provides no rationale and that New York was already a “loser state” due to high taxes and uncompetitive regulation.
O’Leary stated, “I’m not different than any other investor. I’m shocked at this. I can’t even understand or fathom the decision at all.”
“There’s no rationale for it,” he added.
“It does not matter what the governor says. New York was already a loser state, like California is a loser state there are many loser states beacuse of policy, high taxes, uncompetitive regulation it was already on the top of the list to be the loser state. I would never invest in New York now. I’m not the only person saying that,” he continued.
He argued the ruling will further deter businesses from investing in New York.
O’Leary said, “That is why New Yorkers should be concerned. The fine people of New York should ask themselves why are we a loser state? How are we going to attract business? It is not just the existing businesses moving to Texas and Florida, what about new money that I’m talking about like a 4 billion-dollar data center? Not a chance I would put that in New York.”
O’Leary advised New York residents to ask why the state has become a “loser” and what it will take to attract investment, concluding New York has “a lot of work to do” to reverse its status amid a landscape of “winner versus loser states”.
“They have a lot of work to do to find themselves getting out of the situation and this has occurred post pandemic. It’s winner versus loser states, look at Tennessee the fastest growing city in Nashville, good policy, competitive taxes. You gotta start thinking about this in the context of winners and losers. New York is a mega loser state,” concluded O’Leary.
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