Influential figures such as Barstool Sports owner Dave Portnoy, hedge fund manager Bill Ackman, and billionaire Elon Musk have begun to question President Donald Trump’s tariffs. The move comes as global markets experience volatility due to the upcoming tariff implementation.
According to Portnoy, he lost an estimated $20 million in stocks and crypto following last week’s market plunge. However, despite his financial losses, Portnoy remains committed to supporting Trump, stating that “I think they’re smarter than me when it comes to these tariffs.”
Hedge fund manager Bill Ackman also expressed concerns about the tariffs, warning that they could lead to an economic “nuclear winter.” He criticized Commerce Secretary Howard Lutnick for being indifferent to the stock market and economy.
Elon Musk, who advised Trump on overhauling the federal government, has expressed skepticism about the tariffs. Musk stated that he hopes both Europe and the US can move towards a zero-tariff situation, creating a free trade zone between the two regions.
The shift in stance from these influential figures comes as the Republican Party faces internal divisions over the tariffs. As global markets continue to experience turbulence, it remains to be seen how Trump’s policies will impact the economy.
Source: https://fortune.com/2025/04/08/dave-portnoy-trump-tariffs-stock-market-meltdown-crypto-bloodbath