Kevin O’Leary told CNBC on Tuesday that any follow-up budget stimulus doesn’t come with any help to businesses through the pay-check coverage program because it’s not necessary.
Etif O’Shares president and Shark Tank investor said the stimulus deserves to come with unemployment insurance for staff who will be displaced if their businesses close.
“What I’d like to see is 0 DPI, more for businesses,” O’Leary said. “These workers who are displaced, let’s provide them with unemployment insurance. But $0 for the shareholders of those companies. “
He reiterated that view on Tuesday and also said Monday’s large stock market pick-up had shown that there was a lot of money for the corporations that suffered the pandemic.
Royal Caribbean, Carnival and Norwegian Cruise Line Holdings won more than 30% on Monday after vaccine news, United Airlines rose 27% and Delta Air Lines rose by 23% in intraday operations on Monday.
Read more: 8 world-class investors how they were positioned to benefit from the long-awaited advance of the COVID-19 vaccine and the bets they placed year-round on a post-pandemic world
“The market offers all kinds of liquidity to lenders, debt and capital,” O’Leary said. “Airlines [have] 20% higher yesterday, we allowed them to factor actions if they wish, but we have finished offering loose cash from the sky. We don’t want to do that. “
“PPP will be completed. Zero. Done,” O’Leary added.