Dave Portnoy Reveals $20 Million Loss Stemming from Trump’s Tariffs: "That’s the Game"
In a dramatic twist on the world of finance, Dave Portnoy, the charismatic founder of Barstool Sports, has openly discussed the shocking toll President Trump’s tariffs have taken on his investments. During a recent episode of his livestream series, “Davey Day Trader,” Portnoy revealed he has lost a staggering nearly $20 million in his stock portfolio as a direct consequence of these trade policies.
A Shocking Turn of Events
Just days before his livestream, Portnoy made headlines by claiming he had already lost $7 million. Reflecting on these harrowing numbers, he stated, “I went super viral when I said I lost $7 million. I’d kill to be back to losing $7 million,” underscoring the drastic change in his financial landscape.
Dave Portnoy shared his turmoil over recent financial losses during his livestream.
(Image credit: Twitter/@stoolpresidente)
Understanding the Loss
In his candid discussion, Portnoy—who boasts a net worth of approximately $150 million—explained that he believes his investments have declined by around 10 to 15 percent in the past few days. Expressing frustration with the current state of the stock market, he remarked, “If I had to guess, I’m down in these last three days probably close to [$20 million].”
"But I’m still here. That’s the game," he added. "Do I like it? No. Am I crying like, ‘Oh, woe is me’? No."
No Political Agenda
Despite the political implications of his financial losses—the tariffs have sparked debate across the nation—Portnoy insisted that there’s “no political agenda” behind his grievances. "I voted for Trump. I think he’s a smart guy,” he affirms, displaying his complex relationship with the former president’s policies.
The Reality of “Orange Monday”
Portnoy didn’t shy away from humor amidst his frustration. He dubbed the market plunge “Orange Monday,” a nod to Trump’s influence over the recent downturn. "It’s tariff city. Trump has put his tariffs all over the place," he noted incredulously, trying to grasp the gravity of the situation.
"Like, it’s more of a trade deficit tariff. Everything’s in the sh–ter because of it," he added, expressing confusion over the convoluted nature of the tariffs.
Portnoy reflects on the chaotic financial climate.
(Image credit: Getty Images)
No Regrets, Just Lessons
As he grapples with these economic challenges, Portnoy maintains confidence in his choice to support Trump in the 2024 election. “I’m going to give Trump the benefit of the doubt,” he stated firmly, acknowledging the high-stakes nature of political and economic leadership.
Just last month, it was reported that Trump had offered Portnoy a position in the Commerce Department—an opportunity that, interestingly, he declined.
Conclusion: The Unpredictability of the Market
Dave Portnoy’s revelations serve as a stark reminder of the unpredictable nature of the stock market and the profound impact of government policies. As he navigates this tumultuous financial landscape, his experiences underscore the risks and rewards that come with investing in today’s volatile environment.
For those interested in keeping up with the latest market trends and financial news, don’t forget to check CNBC and The Wall Street Journal for daily updates.
As Portnoy himself admits, the thrill of the market and the lessons learned from such significant losses make it worthwhile—"That’s the game."
