Is Dave Portnoy’s net worth something you’ve ever wondered about? This is quite an impressive resume for an influencer, take-out pizza reviewer, and the CEO of Barstool Sports. He has millions of followers on Instagram, Twitter, TikTok, or any other social media platform, so you’ve probably seen him before.
Despite having a large social media following and being a well-known figure in the sports world, he is best known for starting Barstool Sports. Dave Portnoy, the founder and majority owner of Barstool Sports, has a net worth of $80 million as of April 2022. Portnoy’s company was built from the ground up, and we’ll explain in detail how you can do the same.
David Portnoy was born in Swampscott, Massachusetts, on March 22, 1977. To earn a degree in education, he attended the University of Michigan after graduating from Swampscott High School.
Yankee Group was the IT market research firm he worked for in Boston after graduating from college.
New York City-based Chernin Group had purchased a majority stake in Barstool and would relocate the company’s headquarters there in 2016, Portnoy announced in 2016. One Bite with Davey Pageviews, a series of pizza reviews, was launched the following year. The goal of the series is to review all of Manhattan’s pizza joints.
In 2020, Penn National Gaming paid $163 million for a 36% stake in Barstool Sports, which will be known as Barstool Sports. A 36 percent stake in the company was still owned by the Chernin Group after the sale.
At some point during the game, he was held in a holding cell at the Mercedes-Benz Stadium. Portnoy was denied entry to the game because he had procured fictitious passes to attend a press conference the previous day.
Portnoy is a Jewish man. A year after they tied the knot, he filed for divorce from his wife Renee Satterthwaite. Silvana Mojica is Portnoy’s girlfriend as of 2021. For small businesses affected by the COVID-19 pandemic in 2020, Portnoy donated $500,000 to The Barstool Fund. As of May 2021, the campaign had raised more than $39 million for 348 businesses.
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David Portnoy’s Net Worth
Known for his work in sports media and the internet, David Portnoy has amassed an impressive net worth of $80 million. Barstool Sports, the digital sports conglomerate he founded, is where Portnoy made his fortune. In two separate sales, he parted with Barstool.
The Chernin Group bought a majority stake in him in 2016. Penn Gaming paid $163 million for a 36 percent stake in the company in January 2020. Later in this article, we’ll discuss these transactions and their effect on Portnoy’s wealth.
|Net Worth:||$120 Million|
|Born:||March 22, 1977|
|Country of Origin:||United States of America|
|Source of Wealth:||Entrepreneur|
In January 2016, it was reported that Peter Chernin’s The Chernin Group had purchased a majority stake in Barstool for $10 to $15 million. Chernin increased his stake to 60% by investing $20–25 million by the end of 2018. Portnoy maintained complete control over the company’s content, which eventually included podcasts, gambling content, merchandise, alcohol brands, television shows, and more.
Penn National Acquisition
Penn National Gaming purchased a 36% stake in Barstool Sports for $450 million in January 2020. In the first round of transactions, $163 million will be exchanged. With an additional $62 million in three years, Penn National can increase its stake to 50 percent.
Immediately after the initial deal was completed, the Chernin Group’s 60 percent stake in the company had been reduced to 36 percent, which was equal to Penn Nationals. Portnoy and a few other executives, including CEO Erika Nardini, still own the remaining 28% of the company.
Shares of the company shot up to an all-time high of $38 in the days following the announcement. In the wake of the worldwide outbreak of the Coronavirus, Penn’s stock took a nosedive. By the 17th of March, the stock had dropped to $7 a share in the company. There was an 81% drop from the peak.
As of May 10, the price of a share had climbed back to around $20. By the end of August, the share price had increased by more than 100% to around $50. The price of a share had risen to over $100 by January 2021.
Approximately $23 million of the $163 million in cash was given as convertible preferred stock, and $3 million was set aside as “forward arrangements,” according to a Penn Gaming 10-Q SEC filing for Q1 2020. There are 883,000 shares of Penn Gaming convertible stock that can be converted into 0.5 percent of Penn Gaming’s market value.
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Penn Gaming has a market capitalization of $10 billion as of this writing. This means that a 0.5 percent stake in the company would be worth $50 million at that level. According to reports, Dave owns a third of that company or about $16 million in today’s dollars. We estimate Dave Portnoy’s net worth to be $100 million, based on his remaining $90 million stakes in Barstool, as well as previous transactions.
The Barstool Fund
The Barstool Fund was established in 2020 to assist small businesses hit by the COVID-19 pandemic. Dave donated $500,000 to the Barstool Fund during this time. Nearly 350 small businesses received a total of $39 million from the fund over the course of its existence.