• Musk, Trump’s top political donor, has criticized Trump economic advisor Peter Navarro – who supports tariffs.
• As stocks plummeted Monday, Barstool Sports founder Dave Portnoy said the market rout should be called “Orange Monday” in honor of Trump.
• Billionaire hedge fund manager Bill Ackman warned of “a self-induced, economic nuclear winter.”

President Donald Trump’s trade war is putting some high-profile allies on edge, exposing cracks in his coalition as the economic fallout from tariffs grows.

Bill Ackman, an influential hedge fund manager who endorsed Trump, posted on social media Sunday that the president should call a “time out” on tariffs.

“Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down. May cooler heads prevail,” the billionaire wrote on X.

More: Tariff turmoil spurs more stock market struggles; Trump doubles down

Ackman said the impact of tariffs will be particularly harsh for low-income Americans.

“This is not what we voted for,” he wrote. More than $9 trillion in value has been wiped off global markets in the last three days.

More: Are we going into a recession? Why it’s not too late to prepare.

Elon Musk criticizes Peter Navarro

Elon Musk, the world’s richest man and a top Trump adviser, also was active on social media over the weekend, criticizing top Trump trade adviser Peter Navarro on X Saturday.

Musk responded to an X user who shared a video of Navarro promoting tariffs. The user noted that Navarro has a doctorate in economics from Harvard, holding him out as a credible expert.

Musk responded that “A PhD in Econ from Harvard is a bad thing, not a good thing.”

On Monday, Musk posted a video extolling the virtues of the free market.

More: President Trump defends tariffs amid market mayhem: ‘Sometimes you have to take medicine’

In the video shared by Musk, Nobel-prize winning economist Milton Friedman talks about the materials that go into a pencil from different parts of the world, and the people from around the world involved in making pencils so that consumers can buy them for “a trifling amount.” Friedman, a critic of tariffs and ardent proponent of free-market capitalism, was an adviser to GOP President Ronald Reagan and has long been a hero to many on the right.

“Literally thousands of people cooperated to make this pencil… that is why the operation of the free market is so essential, not only to promote productive efficiency, but even more to foster harmony and peace among the peoples of the world,” Friedman says in the video.

More: Stocks have dropped since Trump unveiled new tariffs. What does it mean for your 401(k)?

Musk didn’t directly criticize tariffs or Trump, but his posts attracted attention for their timing as the tariff debate reaches a fever pitch this week. Stock market indexes dropped further on Monday after a big dip last week following Trump’s announcement of steep tariffs on nations around the globe.

Trump dug in over the weekend, defending the tariffs and telling Americans to “hang tough.” But concerns among his own supporters are mounting.

Dave Portnoy and Joe Rogan weigh in

Dave Portnoy, a Trump voter who owns Barstool Sports and is influential with younger male voters, called the ongoing market rout “Orange Monday,” after the president.

“The last three days coming into today has just been, you know, not good,” Portnoy said in a livestream on X, where he has 3.6 million followers. “Don’t call it Black Monday, it’s Orange Monday,” Portnoy said later, after markets had opened. “Trump’s tariffs have absolutely decimated the market. And it’s ugly.”

Last week, Portnoy said his investments lost $7 million. “It’s tariff city… I’ve been trying to understand them. I don’t,” Portnoy said in a video posted online, adding there seems to be a “wacky formula” for the tariffs and “everything’s in the (expletive) because of it.”

“I think Trump’s a smart guy… I think they’re smarter than me when it comes to these tariffs and I also think he’s playing a high stakes game here,” Portnoy added. “I’m going to roll with him for a couple days, a couple weeks and see how this pans out.”

More: ‘Measure twice, cut once:’ Joe Rogan voices concern over mass deportations to El Salvador

Podcaster Joe Rogan, another Trump backer who is popular with young men, earlier criticized Trump’s approach to Canada, which includes big tariffs. Rogan said the feud with Canada is “so ridiculous.”

“Why are we upset at Canada? This is stupid, this over tariffs,” Rogan said.

Trump: ‘Don’t be Weak!’

Trump on Monday derided those worried about the tariff-driven market rout as “PANICANS,” an apparent amalgam of “panic” and “Americans.”

“Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!),” the president wrote on Truth Social. “Be Strong, Courageous, and Patient, and GREATNESS will be the result!”