David Portnoy, the founder of Barstool Sports, is relieved that President Trump delivered the financial “victory” that the sports betting businessman was hoping for.
Portnoy Says Trump Is Playing a “Hight-Stakes Game”
David Portnoy has been an avid supporter of President Donald Trump, whose recent introduction of new tariffs has sent shockwaves across businesses in the USA. However, in a recent interview, Portnoy explained that he hoped Trump would move to save stocks from tariff carnage.
It might have been mere coincidence, but Trump ultimately delivered the result Portnoy was hoping for as the president announced a 90-day suspension of trade tariffs affecting a wide range of US trading partners. However, it is worth noting that China was not included in the pause. Taking it a step further, the president declared on his Truth Social platform that “this is a great time to buy.” Boosted by the tariff news, and possibly the president’s online remarks, the S&P 500 jumped by almost 10% recently.
Portnoy also said that equity markets could see a sharp rally if President Trump offers greater clarity on US tariff policy, according to analysts. He also explained that Trump is “engaging in an extremely high-stakes game of poker” with his current approach.
Portnoy, who founded Barstool Sports in 2003 as a free sports and gambling newspaper, has overseen its transformation into a major digital media platform spanning sports, lifestyle, and entertainment, with a following in the hundreds of millions. As a vocal supporter of Trump during his entire political career, Portnoy also seems to have garnered favors in the President’s cabinet. Recently, Portnoy claimed he was offered a role in the Department of Commerce, highlighting that his support for Trump has caught the attention of high-ranking officials.
Portnoy Has Lost a Lot of Money Following the New Tariff Rules
Despite the overall support Portnoy has expressed for Donald Trump, the president’s recent policies have hurt the businessman’s finances. Following last week’s sharp market decline, Dave Portnoy revealed he had lost approximately $7 million in stocks and cryptocurrency. This is a number he later estimated on Monday could be closer to $20 million, which represents as much as 15% of his net worth.
Despite the losses, Portnoy has expressed continued support for former President Trump, whom he has described as “a smart guy.” Speaking on a livestream last week, Portnoy remarked that he believes Trump and his team have a better grasp of tariff strategy than he does. According to him, the President is “playing a high-stakes game.” Portnoy also added that he plans to “roll with him” over the coming days or weeks to see how the situation unfolds.