What is Dave Portnoy’s net worth? Barstool Sports founder claims losing $7M due to Trump’s tariffs

Dave Portnoy, founder of the media company, Barstool Sports, claimed on April 4 that he lost $7 million in his stocks and crypto currency investments.

Portnoy, the media maverick, is worth $150 million according to Celebrity Net Worth. Apart from sharing his views on sports and culture, Dave Portnoy provides investment strategies on his personal vlog and social media accounts.

According to Portnoy’s video clip on social media, President Donald Trump’s new tariff regime has allegedly led to his loss of wealth. As reported by New York Post, Portnoy, spoke about the new tariff proposals in a video clip posted to X, saying:

"It’s tariff city. Trump has put his tariffs all over the place. I’ve been trying to understand them — I don’t.”

Portnoy was referring to President Trump’s imposition of reciprocal tariffs on countries that levy import duties on U.S. products. The tariff plan is divided into two parts — the first segment is the baseline tariff that will be imposed uniformly on all imports, according to BBC. However the second component of the tariff plan — called the higher custom tariffs — will be imposed based on the level of import duties that the respective country imposes on U.S. products.

Dave Portnoy made a reference to the second component of the tariff regime, as per New York Post, and said:

“Like it’s more a trade deficit tariff. To me, like, ‘Hey, we get this much s—t from you, and you get this much from us. Let’s even that up. Let’s get some wacky formula, do tariffs. And everything’s in the sh—ter because of it”

According to a report by Bloomberg, nearly $5 trillion has been wiped out of the share values on the stock exchange, in the aftermath of President Trump’s tariff plan.

As per a report by BBC, President Trump responded to reactions brought about the tariff plan, saying:

“The whole thing is crazy, and I got elected on that basis… what’s going to happen to the markets, I can’t tell you… but our country is much stronger.”

Dave Portnoy, who has been critical of initial consequences of President Trump’s tariff plan, did bestow faith in the long term effects of the tariffs. Per New York Post, Portnoy, who has been a supporter of Donald Trump, said:

“I voted for Trump. I think he’s a smart guy… I think he’s playing a high-stakes game here. I’m gonna roll with him for a couple days, a couple weeks.”

Dave Portnoy’s career explored

Dave Portnoy, though controversial, is an exemplar of the American success story. According to The Street, he started Barstool Sports in 2003, which at the time of its inception was a four-page print publication. Portnoy would hand out his publication for free to passers-by in the Boston area.

In the years that followed, his publication, which reported on sports and gambling news, would expand to many more cities, per The Street. Eventually Barstool Sports became exclusively online, and increased their coverage to include reviews on cultural issues.

In 2020, Portnoy sold a portion of his company to Penn Entertainment Inc., an enterprise known for its content on sports and gambling according to a report by The New York Times. Penn Entertainment Inc. bought a 36% stake in Barstool Sports for $163 million.

By 2023, Penn Entertainment Inc. bought the remaining stakes of the company for a whooping $388 million, as per New York Post.

According to Investopedia, in a major turn of events, Penn Entertainment Inc. signed a deal with ESPN, and it was then that Dave Portnoy was able to re-acquire Barstool Sports, with the condition that if Portnoy decides to sell the company in the future, Penn Entertainment Inc. would receive 50% of the proceeds.