Barstool Sports founder Dave Portnoy revealed in a recent video that he lost $7 million in stock and cryptocurrency value following President Donald Trump‘s implementation of sweeping tariffs on Wednesday.

Despite the massive loss, Portnoy, who has an estimated $100 million net worth, said he’ll continue to stand by the president.

Newsweek reached out to a press contact for Portnoy via email on Saturday for comment.

Why It Matters

Trump announced on Wednesday a 10 percent baseline tariff on imported goods and harsher “reciprocal” levies on dozens of countries, including key allies such as European Union (EU) members, Japan and Israel.

Following what Trump called “Liberation Day,” the Dow plunged more than 1,000 points over fears of an all-out trade war.

Portnoy, who interviewed Trump at the White House in 2020, has maintained consistent loyalty to the president throughout his political career.

What To Know

“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 to me. Like, hey, we get this much s*** 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 s****** because of it,” Portnoy said in the viral video clip.

Wall Street suffered its worst day since 2020 on Thursday as Trump’s tariffs sparked a global sell-off. The S&P 500 index was down 4.84 percent—its worst day since June 2020. The tech-heavy Nasdaq tumbled 5.97 percent, which was its biggest drop since March 2020, while the Dow Jones Industrial Average closed down 3.98 percent.

The tariffs encompass numerous countries: 34 percent on Chinese imports (in addition to existing 20 percent tariffs), 20 percent on the EU, 25 percent on South Korea, 24 percent on Japan, 32 percent on Taiwanese goods, and 26 percent on Indian imports.

The White House calculated each country’s rate by dividing the U.S. trade deficit with a foreign country by that country’s exports, then halving that number.

What People Are Saying

Despite the substantial loss, David Portnoy said he will continue supporting the president: “I voted for Trump. I think Trump’s a smart guy.”

He added: “I think they’re smarter than me when it comes to these tariffs. I also think he’s playing a high-stakes game here. I’m gonna roll with him for a couple days, a couple weeks, see how this pans out.”

President Donald Trump told reporters on Thursday: “The markets are going to boom, the stock is going to boom, the country’s going to boom.”

Federal Reserve Chair Jerome Powell said Friday: “We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation.”

He added: “While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent.”

Mary Ann Bartels, chief investment strategist at Sanctuary Wealth, told CNBC: “This was the worst-case scenario for tariffs and [they] were not priced into the markets, which is why we are seeing such a risk-off reaction.”

What Happens Next

Portnoy has been increasingly critical of Trump in recent weeks, particularly regarding the “Signal-gate” scandal, when members of the administration accidentally invited The Atlantic‘s editor-in-chief Jeffrey Goldberg to a private chat about Houthi attack plans.

The Barstools Sports founder also revealed last month that Trump offered him a position in the Commerce Department, which he declined.

Meanwhile, the 10 percent “baseline” tariff on all imports took effect Saturday, and the “discounted reciprocal” tariffs targeting America’s largest trading partners are set to begin on April 9.