Dave Portnoy, the founder of Barstool Sports, has reportedly lost $20 million in stocks and cryptocurrency due to the market downturn triggered by President Donald Trump‘s tariffs.
What Happened: Portnoy, a staunch Trump supporter, disclosed the loss on his financial livestream “Davey Day Trader”. Initially, he estimated a loss of $7 million following last week’s market plunge, but later revised the figure to $20 million, which accounts for up to 15% of his net worth, Fortune reported.
Despite the substantial loss, Portnoy remains committed to supporting Trump, whom he referred to as “a smart guy”. He believes Trump is playing a high-stakes game with the tariffs and plans to “roll with him” to see how the situation unfolds.
Other influential figures such as hedge fund manager Bill Ackman and Tesla Inc. TSLA CEO Elon Musk have also expressed their concerns about the tariffs, which are set to take effect on Wednesday.
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Why It Matters: The tariffs imposed by Trump have had a significant impact on the market, including the cryptocurrency sector. Since Trump’s inauguration, the total cryptocurrency market capitalization has shrunk by nearly 32%, wiping out more than a trillion dollars in investors’ wealth. Ackman, in a social media post, warned against the potential economic repercussions of escalating tariffs under President Trump. He highlighted that business relies heavily on trust and confidence.
Portnoy, in a recent post, questioned the correlation between the U.S. stock market and Bitcoin. His question resonated with many in the crypto world, highlighting the impact of the tariffs on both the stock and crypto markets.
Meanwhile, as President Donald Trump‘s tariff hike rattled global markets, billionaires like Musk, Jeff Bezos, and Mark Zuckerberg saw their fortunes tumble. In 2025, Musk lost $143 billion, Bezos saw a $47.2 billion decline in his wealth, and Zuckerberg’s net worth dropped by $26.5 billion, according to the Bloomberg Billionaires Index. Meanwhile, the ‘Oracle of Omaha’—Buffett—stood out as the only top 10 billionaire to post a year-to-date net worth gain in 2025.
On Tuesday, the Dow Jones Industrial Average, tracked by SPDR Dow Jones Industrial Average ETF DIA, dropped 320 points, or 0.84%, to close at 37,645.59 after falling more than 4000 points in the last five sessions. The S&P 500, tracked by SPDR S&P 500 SPY, slipped 1.57% to finish at 4,982.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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