Have you ever wondered how much the net worth of Dave Portnoy is? If you want to get information, you have to read this entire article. Here we are going to discuss about the net worth of Dave Portnoy and other information related to him.
Net Worth of Dave Portnoy
Dave Portnoy is an American internet celebrity and blogger. Also, he is a founder of the sports and pop culture blog Barstool Sports has built up quite the resume. You may have seen Dave Portnoy on Instagram, TikTok, Twitter, or any other social media platforms. Dave has millions of followers on each platform. While he has a massive following on social media, his claim to fame is founding Barstool Sports.
Based on the research, a founder and majority share owner of Barstool Sports, Dave Portnoy has a net worth of $120 million. Dave Portnoy has earned his wealth as the founder of digital sports conglomerate Barstool Sports.
The wealth of Dave Portnoy mainly comes from his equity in the pop culture blog, Barstool Sports. Although he is no longer the CEO of the Barstool Sports, he still serves as Chief of Content, overseeing everything from videos, merchandise and podcasts.
Early life of Dave Portnoy
David Portnoy was born to Jewish parents Michael and Linda on March 22, 1977. David grew up in Swampscott, where he attended Swampscott High School. ESPN’s Todd McShay was one of his classmates. Dave Portnoy began attending the University of Michigan in 1995, graduating with a degree in education. In the year of 1999, he graduated from the University of Michigan with a degree in education. After college, he moved to Boston where he worked at Yankee Group, an IT market research company.
Career of Dave Portnoy
Here is a list of Dave’s career:
Barstool Sports: After 4 years, Dave Portnoy left the Yankee Group to begin what would finally become Barstool Sports. On January 7, 2016, Peter Chernin’s The Chernin Group bought a majority stake of Barstool and it was announced that the headquarters would move to New York City. A majority stake in Barstool had been acquired by The Chernin Group for $10 up to $15 million. In 2018, Peter Chernin had invested $20–$25 million to improve his stake to 60 percent. Dave Portnoy remained 100 percent in control of the company’s content which finally included podcasts, TV shows gambling content, merchandise, alcohol brands, and more.
In January 2020, Penn National Gaming acquired a 36 percent stake in Barstool Sports at a valuation of $450 million. Initially, the total amount of cash transacted will be $163 million. Penn National Gaming has the ability to pay an additional $62 million in 3 years to bring its stake up to 50 percent. After the initial deal closed, The Chernin Group’s 60 percent stake had been reduced to 36 percent, matching Penn National’s stake. The remaining 28 percent is still owned by Dave Portnoy and some key executives like CEO Erika Nardini.
In the days after the announcement, shares surged to an all-time high of $38. Sadly, in the wake of the worldwide Coronavirus disease outbreak, Penn’s stock plummeted. On March 17, 2020, the stock had slid to $7 a share. Of course, that is an 81 percent drop from the peak. On May 10, 2020, it had risen back up to roughly $20 a share. In August, it had more than doubled to around $50 a share. Then, on January 2021, it had risen to over $100 a share.
Persona: On the website, gradually Dave Portnoy cultivated his persona as “El Presidente” , a blunt and honest character. His writing was well-received among young men and the publication later became a mainstay of bro culture. Dave Portnoy became known for his unapologetic and brash attitude. Also, he has faced criticism over blog posts and disparaging comments towards women and others.
Arrests: Based on the research, Dave Portnoy has twice been restrained in NFL-related incidents. The first one was on May 12, 2015, when he was arrested by New York City police after he and 3 Barstool employees handcuffed one another on the floor of NFL headquarters to protest Deflategate. The second one was in 2019, when he was placed in a holding cell at Mercedes-Benz Stadium for a portion of Super Bowl LIII. In the latter incident, Dave had made fake passes to attend a press event the day prior and was prohibited from attending the match.
Pizza reviews: Need to know that One Bite with Davey Pageviews is an internet show that made by Dave Portnoy, which consists of him reviewing pizza. Dave Portnoy began his goal of reviewing every pizza place in Manhattan in the year of 2017. While lots of videos include only Dave Portnoy, athletes and celebrities often appear as the guests.
Labor investigation: In 2019, The National Labor Relations Board investigated Portnoy for posts on Twitter. He threatened to fire his workers illegally if they unionized. Dave Portnoy reached an informal settlement with the Board, that required him to remove his threatening tweets and also remove any potential anti-union material made by Barstool Sports. The settlement stated that Twitter account originally encouraging the employees to unionize was owned by Barstool.
Stock Holdings of Dave Portnoy
Based on a Penn Gaming Q1 2020 10-Q SEC filing, of the $163 million in cash, approximately $23 million was given as convertible preferred stock and $3 million was set aside as forward arrangements. Eventually, the convertible stock can be converted into roughly 0.5 percent of Penn Gaming’s market cap or 883,000 shares of Penn Gaming.
Right now, Penn Gaming’s market cap is $16 billion. Thus, a 0.5 percent stake would be worth $80 million at that level. Dave Portnoy reportedly has 1/3 of that stake which works out to roughly $26 million at today’s levels. Once combined with his remaining around $90 million stake in Barstool, and his wealth from previous transactions, we are able to estimate that Dave Portnoy’s net worth at $120 million.