Former President Trump deserves a lot of credit for keeping the entrepreneurial spirit alive and saving key aspects of the economy, "Shark Tank" star Kevin O'Leary told Fox News during Tuesday's election night coverage.
"He saved entrepreneurship. He saved the entire model of the S&P 500 because taxing 20% higher was a really bad idea, and it self-corrected... This is why I'm getting on a plane tour, and I intentionally didn't leave until tomorrow night, so I could go to Geneva, go to Abu Dhabi… and say it's 21% corporate taxes, [that's] 100% not going to change. That is very important for people like me that bring capital back to this country. It fixed itself, and I think that's why America works and has worked for 200 years."
U.S. stocks soared Wednesday as Trump defeated Vice President Kamala Harris in one of the most contentious elections in U.S. history.
The Dow Jones Industrial Average jumped over 1,000 points at the opening bell on Wednesday morning, continuing the climb seen in the pre-market session after the president-elect took the stage at his headquarters in Florida early Wednesday, thanking his supporters and promising to restore the country.
As markets moved, bitcoin also rose exponentially.
O'Leary insisted ahead of the GOP's White House win on Tuesday that Democrats also owe Trump a "thank you very much," suggesting his astonishing victory gives the Democratic Party a chance to refocus.
"What's happened here is the system self-corrected," he said as returns poured in during election coverage.
"When you try and break the American model, it fixes itself, and I think people should give [him] credit within the Democratic Party. Donald Trump saved them tonight, too, because they're going to have to take a spatula to these policies and bring it back to the center over the next four years and, in a way, reset."
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"Whether you love Trump or you hate him, every Democrat owes him a ‘Thank you very much, Mr. President’," he continued.
Like many business experts, O'Leary was critical of Harris' economic proposals throughout her campaign, including her floated idea to implement price controls to stave off alleged "corporate price gouging."
He also criticized the Democratic Party for "anointing" Harris after President Biden announced he would not seek re-election earlier this year.
Trump's win signals the first presidential comeback in which a candidate will serve two non-consecutive White House terms since Grover Cleveland in the 1800s.
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FOX Business' Suzanne O'Halloran contributed to this report.
