Trump Warns: NY Court Ruling Makes Business Exodus Inevitable

24 Feb, 2024

Trump Warns: NY Court Ruling Makes Business Exodus Inevitable

Former President Donald Trump's recent remarks, coupled with venture capitalist Kevin O'Leary's scathing critique, underscore the seismic impact of a recent court ruling on New York State's business landscape. The ruling, handed down by New York Supreme Court Justice Arthur Engoron on Feb. 16, ordered President Trump and Trump Organization executives to pay a hefty $355 million in damages. Additionally, it barred the former president from conducting business in the state for a three-year period. Trump's response was swift and vehement, accusing corrupt officials of driving businesses away from New York, a state where he claims to have paid over $100 million in taxes. During a rally in Michigan, he vowed to appeal the ruling, predicting far-reaching consequences.

O'Leary, renowned for his role on "Shark Tank," echoed Trump's sentiments, labeling the ruling "appalling," "unjust," and "un-American." He warned that if upheld, it could trigger a mass exodus of businesses from the state. In subsequent interviews, O'Leary lambasted the ruling's lack of rationale, exacerbating New York's already challenging investment environment with uncompetitive regulations.

He went as far as to assert that investing in New York was now untenable, as the ruling rendered the state a "mega loser state," a sentiment Trump echoed on social media. Trump praised O'Leary for his outspoken criticism, foreseeing a significant business migration away from New York. The convergence of Trump's defiance and O'Leary's dire warnings paints a bleak picture for New York's business prospects, raising concerns among investors and stakeholders alike.