Kevin O’Leary, the well-known entrepreneur, investor, and television personality, is not one to shy away from self-promotion. From his regular appearances on “Shark Tank” to his frequent media appearances, O’Leary has built a reputation as a savvy and promotional businessman.
Though his latest promotion upset some investors.
What Happened: In the wake of the collapse of the Silicon Valley Bank (NASDAQ:SIVB), the second-largest bank collapse in U.S. history, O’Leary took to Twitter to promote a company he is invested in.
SVB shut down. When a crisis hits, put all your options on the table. Platforms like @StartEngineLA are here to help you secure funding you need, on your own terms: https://t.co/Gbzdwh9h4i
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) March 13, 2023
Under the tweet, O’Leary disclosed that he is a paid spokesperson for Startengine Crowdfunding Inc (OTC:STGC), where he earns $400,000 per year for the first three years, then $420,000 in year four, $450,000 in year five, and $480,000 in year six.
O’Leary was also paid roughly $15 million to be a spokesperson for failed crypto exchange FTX, something one of his Twitter followers was quick to bring up.
Cant trust you nor your company after your FTX drama
— bitcoinbuff (@bitcoinbuff) March 13, 2023
The investor also received compensation from StartEngine in the form of 322,506 options at a $7.50 strike price and 343,282 options at a $40.50 strike price.
In a separate tweet, O’Leary offered his opinion on what happened with SVB, saying that the “combination of a negligent board of directors [at] SVB with idiot management is the potent cocktail that led to a disastrous outcome,” adding that the takeaway for depositors who almost lost their money is to “never put more than 20% of your liquid assets in any one financial institution!”
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