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Real estate mogul Grant Cardone has invested $500 million, originally intended for New York City, in Fort Lauderdale, Florida.
The money was redirected after a New York judge ordered former President Donald Trump and his companies to pay $364 million in penalties. The judge found they engaged in fraud by inflating Trump’s net worth to receive favorable treatment from banks.
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When governments go crazy, money moves. As New York, Illinois, California and the likes continue to make stupid decisions, [money flows] to more rational, business-friendly markets,” Cardone wrote in a recent post on X.
At the time of the ruling, Trump called the decision a “complete and total sham” in an emailed statement and accused the justice system of being politically biased against him.
The post sparked a discussion among Cardone’s followers, with some applauding Cardone’s move and others wondering what impact it will have on those who invested in his funds.
Follower Andrew Morgasen posted, “So you decided to walk away from a good investment because of a court ruling that doesn’t apply to you or your investment? When you invest clients’ money, you are acting as a fiduciary.”
In another post, “Leave Delaware” noted that Cardone Capital’s shift is part of a broader trend of investors exiting blue states like Delaware, New York and California.
“Smart money is moving to more business-friendly environments,” Leave Delaware wrote.
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After New York Judge Arthur Engoron’s ruling, Cardone, a well-known Trump supporter, announced he would “immediately discontinue” doing business in New York City.
“We invest for 14,000 investors at Cardone Capital that depend on cash flow. And if I can’t predict the cash flow because of some ruling or because of the migrants or because I can’t evict people, New York City just keeps doing every single thing they can to sell real estate in Florida, not sell real estate in New York,” Cardone said at the time.
He also encouraged his followers to send a message by donating to the $355 million “Unjust Judgment GoFundMe” account his wife, Elena, created.
Cardone isn’t the only business titan to denounce the judge’s decision. “Shark Tank” star Kevin O’Leary called the decision to fine Trump “unjust,” “appalling,” and “un-American.”
“The fact that he was found guilty, you might as well find every real estate developer on Earth guilty,” said O’Leary, who believes the ruling against Trump will likely be overturned on appeal.
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This article Cardone Capital Redirects $500M To Florida – ‘When Governments Go Crazy, Smart Money Moves’ originally appeared on Benzinga.com
