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‘I kinda liked the guy’

O’Leary recounted that in his post, which has since been taken down, he shared how Newsom was managing one of the largest economies in the world, highlighting the immense challenge of the job.

“I kinda liked the guy,” he said.

However, judging by the reactions to that social media post, O'Leary believes the politician has significant challenges to address.

“[Newsom] has a lot of work to do, because if that's the kind of reaction you get from a diverse base like I have across all these different platforms — they were so pissed. I have never seen anything like it,” he said.

O’Leary then began criticizing California.

“... California, everybody knows, is a basket case. I would never invest there,” he stated. “When I look at companies in the startup or private equity phase, I say, ‘Look, I'm happy to do it, we got to move to Texas, Florida, North Dakota, Montana, maybe Oklahoma. We can't stay here because it's not in business.’ California is not in business. And San Francisco is a war zone.”

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5th largest economy in the world

This isn't the first time O'Leary has taken aim at California.

Earlier this year, he labeled it the “number one loser state” in the country and called San Francisco “a rat hole.”

Still, it's important to remember that California boasts a massive economy. It’s not only the largest in the U.S. by GDP but also ranks among the largest in the world.

“California is the 5th largest economy in the world for the seventh consecutive year, with a nominal GDP of nearly $3.9 trillion in 2023 and a growth rate of 6.1% since the year prior,” Newsom’s office announced earlier this year, citing data from the U.S. Bureau of Economic Analysis.

Newsom commented that his state “continues to punch above its weight, overperforming all but a handful of the largest countries in the world.”

However, critics have noted that the state still faces challenges, such as stubbornly high unemployment. According to the Bureau of Labor Statistics, California had an unemployment rate of 5.3% in April 2024 — the highest in the U.S.

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Jing Pan Investment Reporter

Jing is an investment reporter for MoneyWise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.


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