Kevin O'Leary, the well-known entrepreneur and investor from Shark Tank, has weighed in on why so many tech CEOs and business leaders are suddenly cozying up to President-elect Donald Trump. During a recent interview on Fox & Friends, O'Leary said it's not just about Trump's corporate tax policies - the real reason is deregulation.
For context, Trump's policies, such as maintaining the 21% corporate tax rate, undoubtedly appeal to businesses. However, according to O'Leary, the bigger draw is Trump's commitment to cutting federal red tape, making it easier for businesses to grow and operate without constant legal battles and administrative hurdles.
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O'Leary pointed out that federal deregulation under Trump's administration is particularly attractive to companies involved in mergers and acquisitions. He noted that Trump will "cool off all these pursuits and change many of the administrative rules that make it harder to get things done."
In simple terms, businesses see Trump as someone who will make it easier for them to operate without worrying about constant interference from regulators. That's a huge selling point for companies looking to expand or innovate.
CEOs See Trump as 'The Guy'
O'Leary was direct about why CEOs are eager to meet with Trump. "They're not stupid," he said. "They're saying, 'Well, I think I'm going to go suck up with him because he's the guy for sure for the next two years.'"
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This isn't just about tech leaders like Mark Zuckerberg or Jeff Bezos. O'Leary said leaders from various industries - and even other countries - are lining up to meet with Trump, recognizing his influence and power in shaping business policy.
Donations for Trump's Inauguration
Mark Zuckerberg and Jeff Bezos have each contributed $1 million through their companies, Meta Platforms and Amazon. OpenAI CEO Sam Altman is joining them, making a personal donation of $1 million. Perhaps surprisingly, the trading platform Robinhood has donated $2 million.
O'Leary highlighted that these donations represent a shift in attitude among business leaders. This is about aligning with Trump's vision for the economy and acknowledging his dominance in shaping the future of policy.
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Altman, for instance, has publicly praised Trump's commitment to advancing AI infrastructure, a sentiment echoed by other tech leaders. "President Donald Trump will lead our country into the age of AI and I am eager to support his efforts to ensure America stays ahead," he said.
The President-elect's ability to remove regulatory roadblocks has made him an attractive ally for business leaders, regardless of their personal opinions about him.
Why Deregulation Can Be Harmful
While deregulation is a win for businesses, it can also result in significant drawbacks. Reduced oversight often opens the door to harmful practices, such as environmental damage, compromised safety standards and unfair labor practices. It can also mean fewer consumer protections, which could let businesses focus more on profits than on doing what's right for people.
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