Shark Tank star Kevin O’Leary has accused Alexandria Ocasio-Cortez of “killing thousands of jobs” and said Democrat-led states like New York, California and Massachusetts are “uninvestable.”
The Canadian investor, 68, tore up “punitive” regulations in the three states that he says are deterring businesses.
He cited the left-wing brand AOC for criticism, pointing to its successful efforts to prevent Amazon from opening a major New York City office in 2019.
“I’m not putting companies here anymore in New York — or in Massachusetts, or in New Jersey, or in California. Those states are uninvestable,” O’Leary told CNN This Morning on Friday.
“Policies here (in NY) are insane, taxes are too high.”
The Canadian investor, 68, tore up ‘punitive’ rules in New York, California and Massachusetts that he claims are deterring businesses
He credited left-wing firefighter Alexandria Ocasio-Cortez for opposing an Amazon headquarters in New York City, which supporters said would have created up to 40,000 jobs.
He added, “AOC[is]great at killing jobs, it’s killing thousands of jobs.”
O’Leary, whose net worth is estimated at $400 million, said the New York AOC representative “threatened to sue Amazon if they created jobs.” This is a fact.’
He was referring to her opposition to a second Amazon headquarters in New York City that would be built with help from $2.8 billion in tax breaks.
AOC described Amazon’s decision to pull out of the plan in 2019, amid fierce Democratic opposition, as “incredible.” But supporters of the complex claimed it would have created up to 40,000 jobs, justifying the tax breaks.
O’Leary said he chooses to locate businesses in cities like Fargo, North Dakota, which offers tax incentives, payments in lieu of taxes and tax credits.
He added that he called Elizabeth Warren, the senator for Massachusetts, and told her, “We need to get the companies out of your state because you can’t invest anymore.” You punish people when they are successful, you overload them, you hit them with a super tax.’
“The regulatory environment is punitive,” O’Leary added.
He also gave the example of a troubled project he was involved in upstate New York to build a global data center near Niagara Falls.
“Eventually it got so bad with the politicians in the local region and state policy that we moved it to Norway – and all the jobs – Norway has them now, thousands of jobs are coming out of that,” he said.
O’Leary is one of the most well-known investors in the country thanks to his position in the Shark Tank lineup. He sparked controversy in February for suggesting getting rich was more important than family.
He tweeted, “You might lose your wife, you might lose your dog, your mom might hate you.
“None of those things matter. It’s about achieving success and becoming free. Then you can do whatever you want.’
O’Leary, whose net worth is estimated at $400 million, said the New York AOC representative “threatened to sue Amazon if they created jobs.” This is a fact.’
O’Leary called Elizabeth Warren (pictured), the senator for Massachusetts, and told her “we need to get the companies out of your state because you can’t invest anymore”
Eric Balchunas, a Bloomberg analyst, replied, “That sounds more like the definition of hell.”
O’Leary’s $400 million net worth largely came to the Canadian businessman after selling his software company SoftKey for more than $3.5 billion.
But he is not immune to bad investments. He lost $15 million he was paid by FTX to prop up the company before it collapsed last year.
His comments about New York and California stem from growing unease about homelessness and high taxes in the city.
In January 2020, the state of New York introduced sweeping criminal legislation that removed cash bail for most felonies and nonviolent crimes, including robbery.
New York, where the average rent now exceeds $5,200 a month, lost more residents than any other state between April 1, 2020 and July 1, 2021, many of whom fled a series of severe pandemic restrictions and high taxes for friendlier business environments, according to Market overview.
Manhattan crime rose 23.5 percent in 2022 as robberies, rapes, and felonies increased, though homicides and shootings both declined by double digits.
The state of California lost more than 500,000 residents between 2020 and 2022. It is the fourth largest drop in the country at the time, behind New York, Illinois and Louisiana.
Not only is California lawmakers pushing for legislation that would impose a new tax on the state’s wealthiest residents, there is also a growing problem of crime and the homeless.
