In Response To Zuckerberg And Dimon Stock Sell-Offs, Dave Portnoy Says He Didn't Unload Anything—'Got Smoked Like Everybody Else'

While top executives like Mark Zuckerberg and Jamie Dimon sold off hundreds of millions in stock before markets tanked, Barstool Sports founder Dave Portnoy says he took the hit right along with everyone else.

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Executives Cashed Out Before Market Downturn

According to Bloomberg, insiders, including Meta META CEO Zuckerberg, Oracle ORCL CEO Safra Catz, and JPMorgan Chase JPM CEO Jamie Dimon, cashed out a combined billions of dollars worth of shares in the first quarter of 2025.

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Zuckerberg sold 1.1 million Meta shares for $733 million, all before the tech giant's stock dropped more than 30%. Catz unloaded $705 million in Oracle stock before a similar decline, and Dimon sold more than $234 million in JPMorgan stock ahead of the crash. All of these sales were made before President Donald Trump's tariff announcements, which triggered a sharp market downturn.

The downturn has had ripple effects throughout the financial and tech sectors. Elon Musk, the world's richest person, has seen his net worth fall by $129 billion so far this year. Some insiders are now taking advantage of lower share prices to buy back stock, but many investors and everyday traders weren't so lucky.

Portnoy: ‘I Got Smoked Like Everybody Else'

Portnoy, on the other hand, revealed earlier this month that he lost $20 million in the crash, which he said represents about 15% of his net worth. Initially, he estimated a $7 million loss following the plunge, but later updated the figure on his livestream.

However, a couple of days later, he posted on X in all caps, “I'm up 8.2 million today! Where are all the people in my mentions now!”

On Easter Monday, Portnoy responded to a social media post by Unusual Whales highlighting insider selling by top executives. "In other news. Dave Portnoy did NOT unload any stock," he tweeted. "Got smoked like everybody else."

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Despite the financial blow, Portnoy remains a vocal supporter of Trump. On his livestream, he called Trump "a smart guy" and said he believes Trump is playing a high-stakes game with the tariffs. "I’m going to roll with him and see how it plays out," Portnoy added.

Insider Selling Down, But Timing Raised Eyebrows

Overall, insider selling was down compared with the same time last year, per Bloomberg. Insiders sold $15.5 billion worth of stock in Q1 2025, compared with $28.1 billion in Q1 2024. Still, a small group of executives made particularly well-timed moves. Zuckerberg, Catz, and Dimon were among just 10 sellers who collectively unloaded more than $3.8 billion in stock before the tariffs were announced.

Apparently, Portnoy wasn't one of them. He's riding out the storm just like everyone else.

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