“Shark Tank” Star and business legend Kevin O’Leary recently gave his unfiltered opinions on the state of California. According to the famous investor, he considers California to be “the most mismanaged state in the union.”
O’Leary specified that, in his opinion, incompetence in California’s political leadership can be observed at both the state level and local municipalities. “I don’t mean any disrespect when I say it, the management at the state level and municipal level is the worst of every state in the union,” O’Leary stated during an appearance on Fox Business’ “The Evening Edit.”
The iconic business figure also criticized the regulatory environment in the state after oil company Chevron announced it would endure a $4 billion loss in profit for impairment charges to its California oil assets. Many have blamed the progressive policies enacted by the state’s lawmakers. “Who would give a dime to California to invest in energy when the regulatory environment is so punitive, you can’t make money? And that’s what Chevron’s telling everybody,” O’Leary continued.
O’Leary expressed that he refrains from pursuing investments in California, opting to deploy his cash in other states such as Texas, Virginia, and Oklahoma, which he claims are “competing” for his business. “[California Gov.] Gavin Newsom, and I mean no disrespect, I like that guy. I’ve met him personally. I wouldn’t let him manage a candy store. He is so clueless to the competition going on between states,” the “Shark Tank” star said.
Aside from California’s stance on energy, O’Leary also criticized the state’s other bad policies, such as the minimum wage laws. He explained how the minimum wage increases many blue states are passing into law could place unnecessary pressure on small businesses, leading to layoffs.
“When you put policy in place like this, which make the average business in America, which is small business, five to 500 employees at 60% of the jobs we create in this country. It makes it impossible for them to stay in business,” he said.
O’Leary has consistently commented on the American business environment in recent months. The American Tribune reported last year on his statements regarding “really bad policy” throughout blue states. Emphasizing a sentiment similar to his recent comments, O’Leary also explained how he refuses to do business in many “no-go” blue states.
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“I think everybody should ask this of themselves. I live here in Florida; we’re a pro-business state. I don’t do business in California, New York, Massachusetts, or New Jersey. They’re no-go states because of bad policy, high taxes, just places you don’t want to invest your money… California is not even open for business, in my opinion, so I would never put money there.” He continued, “Why am I being asked to backstop an account in California in a regional bank there called First Federal or Silicon Valley, bank names no one had heard of two weeks ago?” O’Leary said.
In another instance, the “Shark Tank” investor addressed the post-pandemic demand for remote work, where many people want to avoid commuting into the high-crime Democrat-run cities that have become “war zones,” according to O’Leary.