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Charlie Munger at HQ2: Running the rich peoples is quite stupid if you are a state or city



  • Charlie Munger, Vice President of Berkshire Hathaway, weighed on Amazon's decision to cancel the plan to bring another headquarters to New York City.
  • He told CNBC in an interview in Thursday that like New York he says that "driving the rich people out" is "quite stupid."
  • Amazon's surprise message on Thursday triggered a debate over the political spectrum whether the decision was a victory or a loss.
  • Follow Amazon's stock price here at Markets Insider.

Charlie Munger, vice president of Berkshire Hathaway, addressed Amazon's decision to foil his headquarters in New York City when he said in a Thursday interview that he believed the city had driven the tech girl into a "pretty stupid" move.

"There are several places that have shot their feet," said Munger in an interview with CNBC, responding to a question about New York having "created a major problem for itself," as opposed to Amazon's first plan.

He went on: "Connecticut, California, New York City. They – it's – it's been serious. And driving the rich people out is pretty stupid if you're a state or city. And the idea that you & # 39; Will help New York by driving the rich people out, of course, hurts New York. "

He further said other states have been unloved to" drive out the rich peoples. "

"I know many rich people who left California," he told CNBCs Becky Quick. "I think it is very stupid for a state to drive the rich people out. They are old. They keep the hospitals busy, they do not burden your schools, police function, your prisons. They give a lot. I want rich people? I think that Florida and Hawaii both have been very clever in the way they have recruited rich people. And I think Connecticut and California have been stupid. "

Amazon's surprise message challenged Thursday a debate on the political spectrum over whether the decision was victory or loss . Jeff Bezos-led company completed the hunt for a second headquarters in November in November when it was announced that it had landed on both New York and Virginia.

Guardians suggested that it would have brought thousands of jobs and financial opportunities to the city; The opponents said that the Long Island City headquarters of Queens would have driven home prices and charged already overloaded public transport.

Amazon shares have mostly had a relatively moderate response since the announcement. The shares traded less than 1% lower on Friday; it has received 8% so far this year.

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