Dave Portnoy celebrates wild profits as stock market surges after Donald Trump’s shock trade deal with China

By DANIEL MATTHEWS

Dave Portnoy danced and boasted of ‘seven-figure profits’ on Monday after the stock market surged in the wake of Donald Trump’s tariff deal with China.

The US economy has experienced a turbulent couple of months after the president announced sweeping tariffs on countries including China, Canada and Mexico.

Chinese president Xi Jinping warned that there would be ‘no winners’ in a trade war that quickly sent shockwaves through the global economy.

But, following talks in Switzerland, the two superpowers have agreed to significantly cut import tariffs imposed on each other.

After the news broke, Barstool Sports founder Portnoy predicted more stock market madness and on Monday, he said: ‘I told you!’

Portnoy said: ‘People love clipping me. They have those clips when the stock market was in the tank and I was crying: “Oh I lost $6million (or) 7million…”

Dave Portnoy danced and boasted of ‘seven-figure profits’ after the stock market surged 

It was announced on Sunday that ‘substantial progress’ had been made in pivotal trade talks

Chinese president, Xi Jinping, had warned that there would be ‘no winners’ in a trade war

‘People who don’t like Trump and me clipped it to say: “Even Dave has turned!” (But) they didn’t play the whole clip… I said: “I trust Trump, I’m going to give Trump time, I don’t think he’s going to tank the stock market… I’m going to buy, buy, buy.’

The Barstool Sports founder said he stuck to his word and is now ‘sitting on seven figures of profit.’ He added: ‘If you listened to this show and you follow what I do, you’re swimming in piles of green.’

Portnoy, whose net worth is reported to be more than $100million, lost millions after Trump originally announced the tariffs.

‘This is a decision that one guy made that crashed the whole stock market,’ he fumed. ‘That’s why we’re calling it Orange Monday… the stock market is getting crushed. I’ve lost 20 percent of my net worth.’

The Barstool founder threw his weight behind Trump ahead of last year’s election but then appeared to turn on the president.

‘You think if I’m losing money, if the stock market is tanking that only affects rich people?’ he continued. ‘We’re probably affected the least.

‘Yeah I’m losing $20m, but I still have plenty of money… it all shakes down. Look at Barstool Sports, alright? This economy tanks.

‘Our advertisers, who do business overseas and sell products and advertise with us. They sell less products. 

‘It gets more expensive. What’s the first thing they cut? Ad budgets. Ad budgets that we get.

‘Suddenly we’re not getting as much money,’ he went on, juxtaposing the two business models to make his point. ‘Suddenly I have to fire Nate [a Barstool staffer] and lay people off.’

But on Sunday, US trade representative Jamieson Greer said: ‘Just remember why we’re here in the first place.’ 

Greer explained: ‘The United States has a massive $1.2m trade deficit, so the president declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that emergency.’

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Dave Portnoy celebrates wild profits as stock market surges after Donald Trump’s shock trade deal with China

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