Barstool Sports founder Dave Portnoy knocked President Trump on Wednesday for suggesting the current stock market volatility is a consequence of policies from former President Biden’s term in office, rather than his own.
“What’s that old expression? Don’t piss down my back and tell me it’s raining?” Portnoy wrote in a post on X. “Well that applies here.”
“The stock market is a direct reflection of Trumps 1st 100 days in office,” he continued. “Doesn’t mean it won’t get better and that we don’t need to be patient, but this is his market not Biden’s.”
Portnoy’s post included a screenshot of Trump’s statement from Wednesday morning, when the president insisted his sweeping global tariffs are not the cause of the market turbulence and urged Americans to be patient.
“This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden ‘Overhang,’” Trump said on Truth Social.
The president added: “This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!’”
The statement came as the Commerce Department released new data showing the U.S. GDP fell at an annualized rate of 0.3 percent during the first quarter of 2025, following an annualized increase of 2.4 percent in the fourth quarter of 2024.
Economists had expected U.S. GDP to fall amid a steep increase in orders of foreign products, which could be far more expensive once Trump’s full slate of tariffs take effect.
Trump’s sweeping tariff announcement on April 2 sent the market on a record-breaking nosedive. The market lost $6.6 trillion in value over the two days that followed the announcement, which The Wall Street Journal reported was the largest two-day pullback in history.
The market has bounced back some but continues to struggle. It opened with losses on Wednesday just minutes after the president’s post on Truth Social.
Trump’s first 100 days in office were the worst for the stock market at the beginning of a presidential term since former President Nixon’s second term in the 1970s, CNBC reported.
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