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"He doesn’t understand because he’s rich": Internet reacts to Dave Portnoy saying he doesn't understand Trump's tariffs after losing $7 million
Barstool Sports founder Dave Portnoy shared how much money he had lost as the stock market nosedived following President Donald Trump's tariffs. On Wednesday, April 2, 2025, Trump announced the tariffs on dozens of American trade partners just after the stock market closed. The following day, the S&P 500 dropped by 4.8%, and the Dow by 4%, among others, per PBS.
Hours later, on April 3, 2025, Portnoy hopped on his X live stream, titled Davey Day Trader Global, to detail his significant losses. He claimed that he lost around $7 million in various stock and crypto assets and is reportedly having a hard time understanding the US President's tariffs.
"I'm down 7 million bucks in stocks and crypto, and 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... Everything's in the sh*tter because of it," he said.
Dave Portnoy's video circulated on social media, earning various reactions from fans, including one who attributed his lack of understanding of the tariffs to his wealth.
"He doesn't understand because he's rich," an X user commented.
More fans shared their reactions to Dave Portnoy's video, further slamming him for being wealthy and out of touch. Another netizen also called him out for crying about his woes to the public.
"Rich people who are losing millions won't understand because they didn't have their manufacturing jobs shipped off to China," an X user said.
"70% of Americans have less than 1k in their savings, only ones sh*tting themselves are you rich b**ches," another X user commented.
"Even I know better than you cry to the public about my woes and at the same time question Trump. That's my one bite bro," a user on X said.
However, other netizens were more positive in their comments, urging the Barstool Sports founder to "relax and don't sell" and to not worry about losing money because his assets will soon recover.
"Relax don't sell. It will come back, and then some," an X user commented.
"Don't worry it will all recover and go higher. Green Day's ahead," a user on X commented.
Dave Portnoy pledges continued support for Donald Trump despite losing his money
Even with a significant $7 million deficit following the dip in the stock market after President Donald Trump's imposed tariffs, Dave Portnoy made it clear that he is not rescinding his support for the president. He said that he voted for Trump last election and that he thinks Trump is "a smart guy."
While the Barstool Sports founder admitted that President Trump is not as lovable to everyone, he believed that Trump and his Secretary of Commerce, Howard Lutnick, are "smarter than [him] when it comes to tariffs." With that, he is choosing to believe in the process for the time being.
"I also think he's playing a high-stakes game here. I'm gonna roll with him for a couple of days, a couple of weeks, and see how this pans out... I'm gonna give Trump the benefit of the doubt here," he said.
Dave Portnoy previously claimed in a video shared on X on March 11, 2025, that he received a phone call from the Trump administration for a potential job in the Commerce Department.
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