Eric Rueb/Providence Journal / USA TODAY NETWORK
Audio By Carbonatix
Over the course of the last few weeks, the stock market has experienced significant volatility due to escalating trade tensions caused by tariffs imposed by President Trump. According to Reuters, the economy Trump inherited was “robust with low unemployment, slowing inflation, and above-trend growth, investment, and consumption.”
On April 2, President Trump announced sweeping global tariffs, including a 50% increase on Chinese imports and similar taxes on European Union goods, leading to substantial market declines.
The S&P 500 dropped 6% on April 4, marking one of its worst single-day performances since 2020, while the Dow Jones dropped by over 1,000 points in consecutive days (April 3 and 4) for the first time March 2020.
Barstool Sports’ founder Dave Portnoy, whose company has helped prop President Trump up in the last few years, is feeling the effects of the tumbling economy, as he said he’s lost 10-15% of his net worth in recent days and weeks.
“I went super viral when I said I lost $7 million. I’d kill to be back losing $7 million. I haven’t even looked, if I had to guess, I’m down these last three days, probably close to $20 million. I don’t know, like, 10-15% of my net worth, poof!” Portnoy said this week during a live stream.
“Am I crying?” Barstool founder Dave Portnoy revealed he’s lost 10-15% of his net worth since President Trump’s tariffs. pic.twitter.com/YUwxQoXqVC
— New York Post (@nypost) April 7, 2025
“I’m down 7 million bucks in stocks and crypto,” Portney said last week. “It’s tariff city. Trump has put his tariffs all over the place. I’ve been trying to understand them — I don’t.”
“Like it’s more a trade deficit tariff. To me, like, ‘Hey, we get this much s— 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 s—— because of it.”
PORTNOY: “I’m down $7 Million today… Trump has put his tariffs all over the place… I’ve been trying to understand them – I don’t. And everything is in the shitter because of it.” pic.twitter.com/0urs2osO9I
— The Tennessee Holler (@TheTNHoller) April 4, 2025
Portnoy, who founded the popular media company Barstool Sports in the early-to-mid 2000s, previously had a reported net worth of about $150 million. He’s also been critical of Elon Musk in recent months due to the declining price of Tesla stock, which he owns.