MAGA Backer Loses $7 Million in Stocks & Crypto Due to Trump's Tariffs
Barstool's Dave Portnoy Rips Into Tariff Mess but Still Stands by Trump.
Yall, karma Chaos came with a hefty price tag today—$7 million, to be exact. And guess who’s eating that loss? Dave Portnoy, the founder of Barstool Sports and a vocal Trump supporter.
BUT MAKE SURE TO SUBSCRIBE TO THE BLOG. NEW POSTS EVERY WEEK.
Turns out, all these new tariffs (aka extra taxes on imported goods) that Trump rolled out are hitting the market hard. Stocks and crypto? Plummeting. And Portnoy, who plays big in both, went on a livestream and basically said everything is in the sh!tter*—his words, not mine.
“I’m down 7 million bucks in stocks and crypto, and it’s tariff city... Trump has put his tariffs all over the place... Everything’s in the sh*tter because of it.”
You can see the clip below, however, even with the hit, Portnoy says he’s still standing behind Trump and wants to wait it out. But a $7 million loss is wild, and it’s making people look twice at whether these tariffs are worth it.
Tiktok failed to load.Enable 3rd party cookies or use another browser
Meanwhile, Kamala Harris recently weighed in during an interview—she didn’t pull the “I told you so” card, but you could feel it. Speaking at the Leading Women Defined Summit in California, Harris said:
“There were many things we knew were gonna happen... I’m not gonna say ‘I told you so,’” she said, prompting applause from the crowd.
Harris pointed out how the Trump administration has rolled back progress, denying effective policies and creating fear among the population. She also noted that under Trump’s leadership, we’ve seen organizations stay quiet, capitulating to unconstitutional threats, and most recently, global tariffs that have tanked the stock market.
These tariffs, she argued, are just another example of how the administration’s reckless decisions are having real consequences on people’s financial stability.
And the world is reacting. Fast.
China has imposed a 34% tariff on all U.S. imports, targeting key exports like soybeans, oilseeds, and machinery. This retaliation also includes export restrictions on rare earth minerals and sanctions on U.S. defense companies. These moves deepen the trade war and complicate economic exchanges. You can read more about China's tariff announcement here: Reuters - China 34% tariff.
As for Canada, the claim of a 100% tariff on Teslas was not from the government but from political hopefuls Chrystia Freeland and Jagmeet Singh. Canada has only confirmed 25% tariffs on certain U.S. goods, including vehicles, but it has not been enacted yet. This chaos has shaken the stock market—2,200 points down, with $6.4 trillion lost in just two days. Whether you’re pro-Trump or not, these changes are hitting everyone, from investors to regular consumers. You can find more on this story: Reuters Fact Check - Canadian 100% Tesla Tariff.
My take?
This whole mess is showing us what happens when politics plays poker with our wallets. People like Portnoy might have millions to lose, but most of us don’t. So, when the powerful mess up, regular people get hit the hardest.
MAKE SURE TO SUBSCRIBE TO THE BLOG. NEW POSTS EVERY WEEK.
Share this with someone who keeps asking “What even are tariffs?”, and wondering why groceries are getting more expensive again.
Until next time, friends.
— Jazzenai
💌 @maybeitsmedia
China's 34% tariff on U.S. imports: Reuters - China Tariff
Dow Jones drops 2,200 points: New York Post
China Retaliates With 34% Tariff on US Imports: Investopedia
Kamala Harris on tariffs: HuffPost
Tesla tariff retaliation from Canada: Reuters Fact Check - Canadian 100% Tesla Tariff
China retaliates with rare-earth export curbs and sanctions on U.S. companies: Reuters