founder isn't buying President latest attempt to pin a shaky stock market and economic slowdown on former President .
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.”
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.
.
While tech and finance insiders were unloading stocks before the market dropped, Portnoy stuck it out and lost big.
As Benzinga previously reported, Meta (NASDAQ:META) CEO Mark Zuckerberg sold 1.1 million shares for $733 million, Oracle (NYSE:ORCL) CEO Safra Catz sold $705 million in stock, and JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon sold $234 million—all before Trump's tariff announcements sent markets into a nosedive.
