"Shark Tank" star Daymond John is setting the record straight regarding reports that he tried to sell N95 protective masks to the desperate state of Florida for more than three times the previous market price.
The 51-year-old CEO of the Shark Group took to social media to address the "false" and "inaccurate" report from the Miami Herald that "shows a complete reckless disregard for the truth."
The news outlet alleged that John attempted to sell 1 million masks from China in a deal that would cost the state $7 per mask as opposed to the average market price of less than $2 per mask.
"Let me be clear," John wrote in a statement posted to Twitter. "Proper reporting would have shown I did not set any prices and that my team worked with the State of Florida to: 1. Save lives 2. Help vet the overwhelming amount of incoming PPE offerings based on my manufacturing expertise and guide them how to best do this 3. Play a pivotal role to stop pricing gouging, and successfully identify potential fraud and theft of PPE product to protect taxpayers funds."
State officials did not anticipate the demand for protective gear for healthcare workers amid the coronavirus epidemic. In an effort to get the equipment as soon as possible, Gov. Ron DeSantis took measures to ensure that the state's Division of Emergency Management was free to broker deals, according to Fox News.
John explained in his statement that his company was trying to assist Florida.
"States were not set up to vet and operate global supply chains and sourcing. Many states were forced to blindly wire money to nefarious parties around the world and ultimately never received correct or safe product," he wrote. "My company was serving as an intermediary to vet numerous 3M distributors and to protect Florida taxpayers, while establishing escrow protections that allowed the State to conduct proper due diligence before finalizing its purchase of masks."
The Herald reported that the state signed a purchase order with law firm Foley & Lardner, which held the money in an escrow account instead of signing a purchase order with the vendor.
Like many other deals struck between the state and vendors, the money was retained until the masks were delivered and determined to be of good quality. The funds were then paid out. In this way, the state was protecting itself from losing money or paying vendors who did not meet their end of the bargain.
Addressing this, John emphasized that he made no profit off the deals.
"Our system did exactly what it was intended to do. No money was spent and every penny of taxpayers' money remained safe," he wrote. "We will continue to work with the proper government agencies in this capacity."
Zoe Papadakis ✉
Zoe Papadakis is a Newsmax writer based in South Africa with two decades of experience specializing in media and entertainment. She has been in the news industry as a reporter, writer and editor for newspapers, magazine and websites.
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