'Don't Piss Down My Back And Tell Me It's Raining,' Says Dave Portnoy—'This Is Trump's Market, Not Biden's'

Barstool Sports founder Dave Portnoy isn't buying President Donald Trump's latest attempt to pin a shaky stock market and economic slowdown on former President Joe Biden.

After Trump claimed in a Truth Social post that the current stock market dip is still “Biden's Stock Market,” Portnoy fired back. “What's that old expression? Don't piss down my back and tell me it's raining? Well that applies here,” he wrote on X on Wednesday.

“The stock market is a direct reflection of Trump's first 100 days in office. 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.”

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Trump Keeps Pointing at Biden

Following a 0.3% drop in U.S. GDP for Q1 2025—the first contraction in three years—Trump blamed the results on Biden. “This is Biden,” he said on Wednesday at a Cabinet meeting, adding that even Q2 results should partly fall on his predecessor because “it doesn't just happen on a daily or an hourly basis.”

In the same Truth Social post, Trump argued that the U.S. economy was still weighed down by the “Biden overhang” and that his own policies, especially tariffs, would soon spark a boom. “Companies are starting to move into the USA in record numbers,” he posted. “Our country will boom, but we have to get rid of the Biden ‘Overhang.' This will take a while, has NOTHING TO DO WITH TARIFFS.”

But economists say otherwise. The Commerce Department attributed the GDP dip to a surge in imports from companies trying to beat Trump's upcoming tariffs. A drop in government spending also played a role. Market analysts note that Trump's policies are already affecting economic behavior.

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Executives Cashed Out, Portnoy Stayed In

While tech and finance insiders were unloading stocks before the market dropped, Portnoy stuck it out and lost big.

As Benzinga previously reported, Meta META CEO Mark Zuckerberg sold 1.1 million shares for $733 million, Oracle ORCL CEO Safra Catz sold $705 million in stock, and JPMorgan Chase JPM CEO Jamie Dimon sold $234 million—all before Trump's tariff announcements sent markets into a nosedive.

Portnoy, on the other hand, wrote to his X followers mid-April, "I did NOT unload any stock. Got smoked like everybody else." He initially estimated a $7 million hit but later revised it to $20 million, around 15% of his net worth.

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Still, Portnoy isn't jumping ship. On his livestream, he called Trump “a smart guy” and said he's going to see how the tariff game plays out.

“I'm going to roll with him and see how it plays out,” he said.

From Credit to Blame

Trump is now trying to distance himself from weak economic data, but just last year, he was eager to take credit for market gains under Biden. On Jan. 29, 2024, while still a presidential candidate, Trump posted on Truth Social in all caps: "THIS IS THE TRUMP STOCK MARKET BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN."

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