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Difference between Keep one’s shirt on and Lose one’s shirt

keep one’s shirt on—(coll.) remain calm; keep one’s temper (also: hold one’s shirt):

  • I told him to keep his shirt on, no matter what the provocation.

lose one’s shirt—lose all one’s money (as a result of gambling, etc.):

  • Everybody knows that John lost his shirt when that business he had invested in failed.