Dave Portnoy claims he lost a massive amount of money due to tariffs under Trump’s policies, accepting it as business reality.
Dave Portnoy, the founder of Barstool Sports, recently shared a shocking story about his finances.
He claims to have lost nearly $20 million in his stock portfolio because of tariffs imposed by former President Donald Trump.
This revelation came during a recent episode of his livestream show, “Davey Day Trader.”
Dave Portnoy claims Trump’s tariffs cost him massive amount of money in stock portfolio
Initial loss was $7 million
Portnoy first mentioned that he lost $7 million just a few days before revealing the larger loss.
He recalled this figure during his livestream, stating, “I went super viral when I said I lost $7 million. I’d kill to be back to losing $7 million.”
The tariffs, which affected many imported goods, played a significant role in the decline of his investments.
Portnoy explained that in just three days, he estimated his losses had increased dramatically.
“If I had to guess, I’m down in these last three days probably close to [$20 million],” he said.
Portnoy’s reaction to the loss
Despite the significant financial setback, Portnoy remained upbeat. He emphasized, “But I’m still here. That’s the game.”
This statement reflects his attitude towards the ups and downs of investing.
While he acknowledged the stress of losing money, he did not express regret about his investments or his political choices.
Portnoy clarified that his comments about the loss were not politically motivated.
He stated, “There’s no political agenda behind me mentioning my loss.” His focus was solely on the impact of the tariffs on his finances.
The tariffs imposed by Trump have been a controversial topic.
Portnoy described the situation as “tariff city,” indicating that he believes the tariffs have caused significant problems in the market.
“It’s tariff city. Trump has put his tariffs all over the place. I’ve been trying to understand them — I don’t,” Portnoy continued.
“Like it’s more a trade deficit tariff. To me, like, ‘Hey, we get this much s–t from you, and you get this much from us.
Let’s even that up. Let’s get some wacky formula, do tariffs. And everything’s in the sh–ter because of it.”
Portnoy tried to explain how the tariffs work, saying, “It’s more a trade deficit tariff.”
He pointed out that the idea is to balance trade between countries. However, he expressed frustration over the complexity of these policies and how they have affected the stock market.
Dave Portnoy claims he has no regrets about voting for Trump
Interestingly, Portnoy mentioned that he has no regrets about voting for Trump in the 2024 election.
He believes that Trump is a smart leader and is playing a “high-stakes game.” Portnoy stated, “I’m going to give Trump the benefit of the doubt.”
His loyalty to Trump remains strong, even in light of his financial losses.
He noted that he appreciates the challenges of leading the country and understands that certain decisions can have wide-ranging effects.
Portnoy believes that his support for Trump will continue, despite the current setbacks.