Dave Portnoy, founder of Barstool Sports, has publicly criticized President Donald Trump’s recent tariff implementations, revealing that the policies have resulted in a $7 million decline in his stock and cryptocurrency investments.
Portnoy expressed his frustration in a widely shared video, stating, “I’m down 7 million bucks in stocks and crypto.” He admitted to struggling to understand the complexities of the tariff measures, which he described as an attempt to address trade imbalances but ultimately detrimental to the markets.
Despite his significant financial setback, Portnoy, whose net worth is estimated at $100 million, indicated that he would continue to support President Trump, hoping that the tariff strategy is part of a broader, high-stakes plan.
This incident underscores the immediate impact of the administration’s trade policies on individual investors and the broader financial market.