Cardone Capital Redirects $500M to Florida – ‘When Governments Go Crazy, Smart Money Moves’

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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 that they engaged in fraud by inflating Trump’s net worth to get favorable treatment from the banks.

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“When governments go crazy, money moves. As New York, Illinois, California and the like 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 decision, Trump called the decision a “complete and utter 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 have invested in his funds.

Follower Andrew Morgasen posted: “So you’ve decided to ditch a good investment because of a court order that doesn’t apply to you or your investment? When you invest clients’ money, you act as a fiduciary.”

In another post, “Exit Delaware” noted that Cardone Capital’s switch is part of a larger trend of investors leaving blue states like Delaware, New York and California.

“Smart money is moving to more business-friendly environments,” Leave Delaware wrote.

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The story continues

After New York Judge Arthur Engoron’s ruling, Cardone, a known Trump supporter, announced he would “immediately cease” doing business in New York City.

“We invest for 14,000 investors at Cardone Capital who depend on cash flow. And if they can’t predict cash flow because of a ruling or because of migrants or because they can’t evict people, New York City continues to do the only thing they can 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 set up by his wife, Elena.

Cardone is not the only business titan to denounce the judge’s decision. “Shark Tank” star Kevin O’Leary called the decision to fine Trump “unfair,” “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