Portnoy Hoped Trump Would Deliver Stock Market ‘Victory’

Posted on: April 9, 2025, 06:25h. 

Last updated on: April 9, 2025, 06:25h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • Comments came after he claimed to have lost $20 million .
  • He remains a fan of the president.

Barstool Sports founder David Portnoy’s pre-market wish was granted today when President Trump delivered the “victory” the brash sports bettor and avid trader was hoping for.

Penn Portnoy
Barstool Sports founder David Portnoy. He hoped President Trump would move to save stocks from tariff carnage. For a day at least, the president did. (Image: Politico)

In an interview with CNN’s Dana Bash prior to the open of US markets, Portnoy said equity markets would “rip” if Trump provided more clarity on US tariff efforts, which have rattled investors for weeks, adding the president “is playing an extremely high risk game of poker.”

I certainly wish he would give maybe a victory here or there right now. He has the power, really, to turn the stock market and get it ripping,” Portnoy told Bash.

It may have been just a coincidence, but Trump delivered Portnoy’s desired outcome, announcing a 90-day pause on trade levies targeting a broad swath of US trading partners. China, however, was excluded from that pause. The president went a step further, proclaiming on his Truth Social platform that “this is a great time to buy.” Assisted by the tariff headlines and perhaps the president’s social media post, the S&P 500 surged 9.52% today.

Portnoy Lost Big, But Still Backs Trump

In recent social media posts, Portnoy said last week’s market slide cost him $7 million, but he later revised that figure, nearly tripling it to $20 million, or an estimated 15% of his net worth.

A significant portion of his wealth is attributable to shares of Penn Entertainment (NASDAQ: PENN) — the regional casino operator that paid $550 million in cash and stock for Barstool only to sell it back to Portnoy in 2023 for a mere $1. The Barstool boss won some relief today as shares of Penn surged 18.40% on above-average turnover.

Despite the recent market tumult and the aforementioned massive drawdown he endured, Portnoy remains a fan of Trump, telling Bash he prefers the “straight talk” the president is often derided or hailed for.

“This is who I voted for and time is going to bear it out,” he said in the CNN interview. “If it turns out great, it’ll be a great move and one of the great things he’s done. If not, the voters will speak at midterms (elections).”

Portnoy Has Owned Other Gaming Stocks

Aside from his Penn stake, Portnoy isn’t required by regulators to disclose his equity holdings because he’s never exceeded the 5% and 10% thresholds required of various investors. However, he has previously discussed some of his personal holdings.

In a January 2024 X post, he said DraftKings (NASDAQ: DKNG) was among the stocks he owned. That stock soared 12.39% today on heavy volume today. Barstool has a marketing relationship with the online sportsbook operator and both are based in Boston.

He’s also previously acknowledged owning shares of Wynn Resorts (NASDAQ: WYNN), which jumped 14.72% today on more than double the average daily volume. It’s not clear if he currently maintains stakes in DraftKings of Wynn.