Businessmen Express Intent to Cease Investments in New York Following Justice Engoron’s Trump Ruling

Businessmen Express Intent to Cease Investments in New York Following Justice Engoron’s Trump Ruling

Real estate investors are rethinking their investment plans in New York City after a recent ruling by New York Supreme Court Justice Arthur Engoron. The judge found former President Donald Trump and Trump Organization executives liable for civil fraud, ordering them to pay $355 million in fines, plus interest. This decision has left some investors concerned about the business climate in the city and considering alternative investment opportunities.

One prominent investor, Kevin O’Leary, known as “Mr. Wonderful” on the popular show “Shark Tank,” expressed shock and disbelief at the ruling. He criticized New York as a “mega loser state” for business, citing high taxes, uncompetitive regulation, and questionable policy decisions. O’Leary stated that he would never invest in New York and instead would be shifting his focus to states like Oklahoma, North Dakota, and West Virginia, which he considers “winner states.”

President Trump himself echoed O’Leary’s sentiments, expressing gratitude for his comments on the Truth Social platform. Trump asserted that businesses would flee New York following the “corrupt judge’s ruling.” This sentiment was echoed by Grant Cardone, a private equity fund manager and owner of real estate investment firm Cardone Capital. Cardone had been considering investing in New York but changed his mind after the ruling. He stated that his companies would now be doubling their efforts in Florida, Arizona, Texas, and Tennessee.

Cardone’s wife even launched a GoFundMe campaign to raise the $355 million fine imposed on President Trump. The campaign has raised over $660,000 in just four days. Mrs. Cardone defended her husband’s decision to support Trump, calling the ruling unfair and an attack on the ideals of fairness and due process. She emphasized that the fundraiser aimed to defend not only the former president but all businesses against a system that seeks to penalize dissent and restrict freedoms.

This recent ruling adds to President Trump’s legal troubles, as he has also been ordered to pay over $83 million in damages in a defamation case brought by writer E. Jean Carroll. Trump has pledged to appeal both rulings while simultaneously facing four criminal indictments. He maintains that these legal battles are politically motivated attempts by Democrats to hinder his campaign to reclaim the White House.

In a passionate post on Truth Social, Trump called for an end to all political prosecutions against him, labeling them as communism and a threat to democracy. He argued that he should not have to endure “fake prosecutions” before the upcoming election and vowed to make America great again.

The ruling by Justice Engoron has clearly rattled some investors, leading them to reconsider their investment plans in New York City. The implications of this decision on the business climate and perception of the city remain to be seen. As investors seek out alternative opportunities in states deemed more favorable, the consequences for New York’s economy could be significant. It remains to be seen if other investors will follow suit or if New York can address the concerns raised by these businessmen to maintain its status as a global business hub.