Former President Trump deserves credit for revitalizing the entrepreneurial spirit and preserving key economic aspects, said "Shark Tank" star Kevin O'Leary during Fox News' election night coverage.
"He saved entrepreneurship. He saved the entire model of the S&P 500 because taxing 20% higher was a really bad idea, and it self-corrected," he explained. O'Leary planned a trip, leaving after the election to talk about the importance of corporate taxes. "That is very important for people like me that bring capital back to this country," he said.
U.S. stocks soared the day after Trump's victory over Vice President Kamala Harris in a highly contentious election. The Dow Jones Industrial Average surged over 1,000 points at the opening bell, continuing a climb seen in pre-market trading.
Markets reacted positively, and bitcoin also saw significant gains. O'Leary stated that Democrats should thank Trump for his victory, suggesting it gives them a chance to refocus.
"What’s happened here is the system self-corrected," he noted as election results came in. He added, "When you try and break the American model, it fixes itself."
O'Leary believes Trump’s win also benefits the Democratic Party. "Donald Trump saved them tonight, too," he remarked, suggesting they will need to adjust their policies over the next four years.
"Whether you love Trump or you hate him, every Democrat owes him a ‘Thank you very much, Mr. President’," he emphasized.
O'Leary criticized Harris’ economic proposals during her campaign, including her idea to impose price controls to combat "corporate price gouging." He also condemned the Democratic Party for "anointing" her after President Biden's announcement about not seeking re-election.
Trump's victory represents a significant shift, marking the first presidential comeback for a candidate serving two non-consecutive terms since Grover Cleveland in the 1800s.