Kevin O’Leary, the businessman and “Shark Tank” personality known as Mr. Wonderful, is raising alarms about the economic fallout from the ongoing protests in Los Angeles.
According to O’Leary, small businesses are taking the brunt of the damage, not necessarily from looting, but from the complete collapse of foot traffic in affected areas.
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‘This Is A Bad Thing’
O’Leary emphasized that even businesses untouched by property damage are struggling to survive under current conditions. “You've got, let's say, a grocery store or small hardware store or dry cleaner or restaurant, they are shut down. There's no foot traffic,” he told Fox News last week. “Even if they did not get their windows smashed, they are getting killed.”
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He also warned that the unrest could become a major political liability for California Gov. Gavin Newsom. “You’re making the B-roll for the guy you’re gonna be competing with,” he said. “This is nasty. Here’s the attack ad 24 months from now: ‘Do you want this guy leading our party or running our country with images of firebombs going all over the place?'”
Limited Scope, But Big Impact
While President Donald Trump has described the situation as the city being “under siege,” The protests have mostly been confined to a 10-block area in downtown Los Angeles. Law enforcement acknowledged some violence and looting—23 businesses were damaged in just one night—but local officials maintain that the protests are largely under control.
Most of the fires occurred on June 8, and none of the buildings were set ablaze. Much of the online content fueling national outrage has turned out to be fake or repurposed from unrelated events, including images from the George Floyd protests and even video games, according to ABC News.
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Trump has taken credit for restoring order after sending 4,000 National Guard troops and 700 Marines to the area. Newsom, however, criticized the deployment as “a serious breach of state sovereignty,” asserting that California law enforcement had things under control.
Protests Sparked By Immigration Raids
The unrest began in response to ICE raids across Los Angeles. While the majority of protesters have demonstrated peacefully, there have been serious incidents, including the arrests of two individuals for possessing Molotov cocktails. Other charges include fireworks thrown at officers and a protester who allegedly injured an officer by driving a motorcycle into a police line.
Los Angeles Mayor Karen Bass has enforced curfews and warned that protestors engaging in violence or freeway takeovers will be prosecuted.
For O'Leary, the bigger concern is the lasting damage to mom-and-pop shops in the area. “It's killing small business,” he said. “Why is this a good thing? This is a bad thing.”
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