“He’s definitely lost way more than I did,” Dave Portnoy dead‑panned at UFC 314—never imagining the man in the Shaq jersey might have been speaking about himself.
Amid handshakes with Donald Trump and photo‑ops with Dana White, the Lakers legend slipped in a line about market losses. As tariffs rocked tech giants and even Nike took double‑digit hits, questions are surfacing: did Shaq’s own stock bets get knockout blows?

Dave Portnoy said Shaq asked him about his stock market losses. “Yeah, he’s like, ‘You didn’t really lose 7 million in the stock market, did you?’ That’s what he said to me.” Portnoy suffered an initial loss of $7 million, which escalated to a staggering $20 million due to the current tariffs issue. “That’s what I don’t get to people acting. It’s like he’s definitely lost way more than I did. I would think he acted like he didn’t.” As per the Barstool Sports founder, even Shaquille O’Neal has incurred some loss.

The market downturn, triggered by these tariffs, led to an estimated $6 trillion in stock value being wiped out over just two days. The tariff war peaked when the administration imposed 145% tariffs on Chinese goods. So, how exactly did the NBA icon suffer the reported loss? There was an 8.8% drop in Apple’s shares, the biggest weight on the S&P 500. More than 90% of its manufacturing is based in China. And China is one of the hardest-hit countries by the tariffs, according to an estimate from Citi.

While Apple’s decline reflects broader market trends, O’Neal’s diverse investment portfolio also exposes him to such fluctuations.

Shaquille O’Neal invested early in tech giants such as Apple and Google. Not just this, even the retail market was hit where the Lakers’ legend operates. Sportswear retailer Lululemon down 10% and Nike fell about 12%. We know Nike is the leader in sportswear, but Shaq is the President of basketball for Reebok. Although the data is not provided, if the market leader in the Swoosh is suffering a loss, one can understand its effect on other competitors.

Shaquille O’Neal continues to revive a once-bankrupt company

Back in 2016, JCPenney was already in trouble. The company, co-owned by Shaquille O’Neal, was drowning in $4.8 billion of long-term debt. They sold their massive Plano, Texas, headquarters for $353 million in 2017 to reduce some of the debt. But as you can see, there was a vast difference in the debt still left. By May 15, 2020, JCPenney had no choice but to file for Chapter 11 bankruptcy protection.

With 846 stores and 85,000 employees, the retailer scrambled to stay afloat. But the issue is not past them. The retail giant is still recovering from its bankruptcy crisis, and things aren’t looking easy. A company spokesperson confirmed that JCPenney will close eight more locations this year. This will add to the more than 200 stores that have shut down since it filed for bankruptcy five years ago.

Still, Shaq isn’t backing down. As the second-largest shareholder in Authentic Brands Group, which owns a 16.6% minority stake in JCPenney. He’s deeply invested in its revival. He already has partnerships with several brands under Authentic’s umbrella, including Reebok and JCPenney itself. Interestingly, the retailer has long been a key supporter of Shaq’s philanthropy.

Through initiatives like ‘Shaq-to-School’ and ‘Shaq-a-Claus,’ JCPenney has frequently donated gift cards to the Boys & Girls Club, helping kids in need. If the reports of the 4x NBA champion losing money are real, then he would wish for a Shaq-a-Claus to turn his portfolio from red to green.