American internet celebrity, blogger, and founder of the sports and pop culture blog Barstool Sports Dave Portnoy’s net worth details including his assets, investment, and stocks.
David Portnoy is an internet entrepreneur and sports media figure from the United States with a net worth of $100 million. Portnoy made his money as the founder of Barstool Sports, a digital sports company. Throughout two trades, he sold pieces of Barstool. In 2016, he sold a majority share to The Chernin Group for the first time. Penn Gaming paid $163 million to the founders for a 36 percent ownership in the company in January 2020.
In January 2016, it was announced that Peter Chernin’s The Chernin Group had purchased a majority share in Barstool for $10 – $15 million. Chernin had increased his share to 60% by investing $20–25 million by 2018. Portnoy maintained complete control over the company’s content, which soon expanded to include podcasts, gaming content, products, booze brands, TV series, and more.
Dave Portnoy Net Worth From Penn National Acquisition
Penn National Gaming purchased a 36 percent share in Barstool Sports for $450 million in January 2020. The total amount of money transferred will be $163 million at first. Penn National has the option to pay an extra $62 million over the next three years to increase its ownership to 50%.
The Chernin Group’s 60 percent share was lowered to 36 percent after the first acquisition closed, matching Penn National’s holding. Portnoy and a few senior personnel, including CEO Erika Nardini, own the remaining 28 percent.
The stock soared to an all-time high of $38 in the days following the announcement. Unfortunately, Penn’s stock dropped as a result of the worldwide Coronavirus pandemic. The price had dropped to $7 per share on March 17th. That’s a decline of 81 percent from the high. It had risen back to roughly $20 a share on May 10. It had more than doubled to nearly $50 per share by August. It has grown to above $100 per share by January 2021.
Portnoy Net Worth & Earning from Stock Holdings
According to a Penn Gaming Q1 2020 10-Q SEC filing, $23 million was donated as convertible preferred stock and $3 million was set aside as “forward arrangements” out of the $163 million in cash. The convertible stock can be converted into 0.83,000 Penn Gaming shares or around 0.5 percent of the company’s market worth.
Penn Gaming has a market capitalization of $10 billion as of this writing. At such a price, a 0.5 percent ownership would be worth $50 million. Dave is said to own a third of that share, which is worth roughly $16 million at today’s prices. Dave Portnoy’s net worth is estimated to be $100 million, based on his remaining around $90 million shares in Barstool and money from past sales.
Barstool Fund
Dave gave $500,000 to the Barstool Fund, which was established to assist small companies affected by the COVID-19 pandemic, in 2020, at the height of the pandemic. The fund amassed a total of $39 million, which was disbursed to almost 350 small enterprises over time.