‘The Big Money Show’ explores companies turning against DEI policies while Costco bucks the trend.
As more companies turn their backs and rescind DEI policies, Costco’s move to stand firm puzzled O’Leary Ventures Chairman Kevin O’Leary.
The “Shark Tank” investor declared Costco is “nuts” during Wednesday’s “The Big Money Show” for doubling down on DEI.
During his first week in office, President Donald Trump issued an executive order directing the termination of discriminatory practices in the federal government and encouraged termination in the private sector. Following the order, attorneys general from 19 states urged Costco to turn away from its DEI policies.
STATE AGS WARN RETAIL GIANT COSTCO FOR DOUBLING DOWN ON ‘DISCRIMINATORY’ DEI
While big companies like Target, McDonald’s and Walmart backed off from their DEI policies, Costco shareholders voted last week to reject an anti-DEI proposal brought by activist shareholder group National Center for Public Policy Research. The measure would have required the wholesale grocery chain to issue a report on the risks associated with their DEI policies.
O’Leary, who is also a Costco shareholder, weighed in on the wholesaler’s resistance.
“They’re nuts if they think I want them fighting the federal government on policy.”
“I don’t care who took that poll when there’s no way you’d get that result today,” he continued. “You don’t fight the attorney general in multiple states, you got to be out of your mind.”
“Shark Tank” investor Kevin O’Leary remarked how Costco fighting the government over DEI is “bad for business.” (Getty Images)
He also believes that it is “bad for business” and urged the retail company to find a resolution.
“Chop chop, guys. Figure this out,” O’Leary instructed. “You’re breaking the law. Get compliant. I mean, hire for merit and advance people that deserve it.”
“You will find every race, color, gender, everybody will come to the fore,” he added.
The businessman also commented on hiring practices, arguing that diversity can be achieved through a merit-based approach.
“[If] you just hire on merit as we do, you get tremendous diversity.”
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O’Leary expanded, arguing that it comes down to how capable a person is at doing their job.
“We don’t care if you’re gay or transvestite, or you have tattoos or fishhooks in your eyelids. We couldn’t give a damn. ‘Can you do the job, can you execute on the mandate?’ Those are the people we advance,” he stressed.
“If you can do it, I don’t care what planet you came from, you got a job, and that actually solves this whole problem.”
“We should have never got ourselves in this place,” O’Leary concluded.
RNC youth advisory council co-chair CJ Pearson reacts to President Donald Trump’s crackdown on diversity, equity and inclusion on ‘The Evening Edit.’
Fox News Digital’s Jamie Joseph contributed to this report.
