Barstool Sports founder Dave Portnoy isn't buying U.S. President Donald Trump’s insistence that the current state of the stock market is former President Joe Biden’s fault.
On Wednesday, Portnoy posted his take on Trump's refusal to take responsibility for the market volatility that has occurred during his first 100 days in office.
“What’s that old expression? Don’t piss down my back and tell me it’s raining?” Portnoy wrote on X. “Well that applies here.”
In a post on Truth Social on Wednesday morning, Trump tried to put distance between his policies and the cratering market by blaming Biden and demanding that the American public "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. “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!!!”
Portnoy wasn't having it.
“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.”
Another commenter, who goes by the name Dr Jonathan Wall on X, replied to Portnoy's post with a pair of screenshots of Trump's comments on Truth Social.
In one screenshot, dated January 29, 2024, Trump announced that "THIS IS THE TRUMP STOCK MARKET BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN AND THAT WILL DRIVE THE MARKET UP."
The second screenshot was Trump's comments from Wednesday, in which he backpedals and claims that — 100 days after taking office — the U.S. is still experiencing "Biden's stock market."
Trump made his Wednesday morning comments as the U.S. Commerce Department released new data showing that the nation'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, according to The Hill.
In other words, numbers were going up when Biden left, and they've been going down since Trump took office, based on the department's data.
Despite Trump's insistence that the market isn't tanking due to his tariffs, the market did in fact tank in real time as he was announcing his tariffs on April 2. The market lost $6.6 trillion in value over the two days following his "Liberation Day" announcement, according to the Wall Street Journal. The period was the largest two-day pullback in the history of the U.S. stock market.
The market has thankfully bounced back some, but it is continuing to struggle amid ongoing volatility. On Wednesday, the market opened with losses only minutes after Trump's Truth Social post.
The only president with a worse stock market performance in their first 100 days is Richard Nixon during his second term in the 1970s, according to CNBC.
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