Table of Contents Hide
- David Portnoy Net Worth Overview
- David Portnoy Net Worth: What Made David Portnoy So Wealthy?
- David Portnoy Net Worth: Early Years
- David Portnoy Net Worth in 2021 (The Details)
- Stocks Owned
- The Barstool Fund
- Podcasts From Barstool Sports
- Sports Book for Barstool
- Where Has Barstool Radio 85 Gone?
- Does Big Cat own part of Barstool Sports?
- How Many Employees do Barstool Sports Have?
- Day Trading
- Dave Portnoy’s Lessons
- Dave Portnoy Famous Quotes
- Who Is the CEO of Barstool Sports?
- How Much Did Dave Portnoy Sell Barstool Sports For?
- Why Did Ellie Schnitt Leave Barstool Sports?
- Does Barstool Pay Their Athletes?
- How Did Dave Portnoy Get Famous?
- Key Takeaways
- Final Thoughts
- Related Articles
David Portnoy is a name that keeps popping up in the entertainment industry, and it’s not going away anytime soon. Portnoy began his career in 2003 when he left his position as a marketing consultant at Yankee Group to pursue what would become his most lucrative venture. Since then, he has expanded his brand and established his own podcast with TikTok star Josh Richards, in addition to his business and pop culture act.
The show has gone on to become one of the top celebrity podcasts. But then there is more to David Portnoy than his work in the media. This is evident as seen by his amazing $120 million net worth! So, who is David and how did he become so wealthy? Let’s see what we can find out!
David Portnoy Net Worth Overview
David Portnoy is an internet entrepreneur and sports media figure from the United States with a net worth of $120 million. Portnoy made his money as the founder of Barstool Sports, a digital sports company. Over the course of 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.
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David Portnoy Net Worth: What Made David Portnoy So Wealthy?
David Portnoy has amassed a fortune of $120 million over the course of his career, yet many people are unaware of how the multi-millionaire became so wealthy.
Portnoy is a well-known American sports media personality and online entrepreneur. After graduating with a degree in education, Portnoy worked in IT market research before starting his own business, Barstool Sports.
David established Barstool, a print weekly for the Boston metro area, in 2003. The publication had everything a sports fan could want. From sports forecasts to gaming ads, news, or fantasy picks. Portnoy knew what his customers needed.
Portnoy rebranded himself as “El Presidente” or “Stool Presidente” on his social media channels as a result of his growing popularity as the CEO of Barstool Sports.
David’s organization has been compared to “ESPN and Girls Gone Wild,” and has appealed to a wide range of audiences outside of the sports world. The journal gained such prominence that Portnoy was granted his own private interview with former US President Donald Trump.
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In 2016, Peter Chernin paid $15 million for a controlling position in Barstool, but it was Penn National’s acquisition of 26% of Barstool Sports that made David a significant banker.
The 2020 transaction was valued at $450 million. This helped the stock rise to $34 per share before the pandemic. By 2021, it rose far over $100, making David a very wealthy man.
Portnoy is also an economic guru who has built a reputation for himself in the stock market game, proving to be the ultimate businessman all around, in addition to his impeccable stock game.
As if that wasn’t enough, David recently launched BFF’s with TikTok sensation Josh Richards, which was produced by Barstool Sports and will earn Portnoy even more money!
David Portnoy Net Worth: Early Years
Portnoy was born in Swampscott, Massachusetts, on March 22, 1977. He developed an early interest in sports and grew up playing baseball and football. Despite the fact that Portnoy will not play sports in college, he was accepted to one of the country’s most prestigious sports schools, the University of Michigan. In 1995, he graduated from the University of Michigan with a degree in education.
He came to Boston after college and worked for an IT market research firm.
He went on to work at Yankee Group, a Boston-based technology research business, after graduation. Dave spent four years there before quitting to launch Barstool Sports.
He founded Barstool Sports, like we earlier mentioned, in 2013 as a print journal for the Boston metro area. Fantasy sports forecasts, gaming marketing, and sports coverage were all available in the publication. In 2007, the website was launched. Barstool would emerge into an improbable sports media behemoth over the next ten years. In the early days of the site, Portnoy was famous for putting in 10-hour days and still working on Saturdays and Sundays.
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Dave is known on the site as “El Presidente” or “Stool Presidente.” The site combines caustic sports content with gorgeous women. The brand has been compared to a cross between “ESPN” and “Girls Gone Wild.” BarstoolSports is one of the most popular sports websites on the internet today, proving that this combo works.
In 2017, Portnoy created the “One Bite with Davey Pageviews” pizza review series. The show’s unofficial goal is to assess every pizza shop in Manhattan.
From 2009 to 2017, Portnoy was married to Renee Satterthwaite.
David Portnoy is a former NFL quarterback.
Renee Satterthwaite, a social media star, was David Portnoy’s wife. He married Renee in 2009, and they divorced in January 2017 after nearly eight years of marriage. Renee was dubbed the “First Lady of Barstool Nation” because she assisted David in expanding his international business via the internet.
David’s sex tape with Instagram beauty Sydney Raines made the rounds on social media in April 2021. It’s still unclear how the footage got out. Later, the Instagram model claimed that the two are still good friends and that the leaked video hasn’t bothered them.
On January 18, 2021, David’s official Twitter account was suspended for more than a half-hour. The cause for his account suspension on Twitter is still unknown. His account was restored after the hashtag #FreeDavidPortnoy became a hot subject.
He was investigated by the National Labor Relations Board in 2019 after he threatened to terminate his employees if they planned to unionize in a tweet.
1999: After graduating from the University, Portnoy relocated to Boston in search of a job. He found a position with the “Yankee Group,” an IT market research firm.
2003: Dave Portnoy quit the Yankee Group. He founded a company called “Barstool Sports.” It was first published as a print magazine. It was mostly concerned with gambling advertisements and fantasy sports projections. The journal was mostly distributed in the Boston metro area. It grew in size and scope throughout time, eventually covering a wide range of themes.
2007: The Barstool’s Internet version was introduced by Dave Portnoy and his team.
2011: Dave Portnoy’s Barstool Sports was chastised for publishing nude photos of Tom Brady’s two-year-old son. A follow-up remark on the size of the child’s genitalia was widely panned. Dave, on the other hand, said that the statements were not meant to be taken seriously and were instead meant to be amusing.
2013: Following the retirement of Thomas Menino, Boston’s longest-serving mayor, Dave Portnoy raised over $16,000 in campaign contributions to become the city’s next mayor.
Barstool generated more than $240,000 for the victims of the Boston Marathon bombings on April 15th.
2014: AOL and Barstool Sports teamed in 2014 to stream exclusive online content from the site.
2015: Dave Portnoy and three Barstool employees protested “Deflategate”, they were detained. When he and the employees were shackled on the floor of the NFL offices in New York, the cops arrested them.
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2016: He declared that a firm called “The Chernin Group” had purchased Barstool Sports. The Chernin Group acquired a controlling 51 percent share in Barstool.
Portnoy, on the other hand, is still in charge of the site and has complete creative control over the content. The company’s headquarters were also relocated to New York City.
Following the reorganization, Erikay Nardini was named CEO of Barstool Sports, while Portnoy retained the position of founder and was renamed “Chief of Content.”
2017: David debuted “One Bite with Davey Pageviews,” an online show. This show allows him to visit several restaurants and diners in Manhattan to review pizza.
Top celebrities are frequently invited to participate as guests on Portnoy’s show.
2018: Barstool was valued at over $100 million.
2019: The National Labor Relations Board investigated him to see if he genuinely threatened to terminate his employees if they joined a union.
David Portnoy Net Worth in 2021 (The Details)
Dave Portnoy’s net worth was $120 million as of August 1, 2021. Portnoy owes much of his fortune to Barstool Sports, a successful digital sports business.
Over the course of its short history, Barstool Sports has experienced consistent development.
The 2016 purchase by Peter Chernin’s (The Chernin Group) also involved purchasing controlling ownership in the sports and pop culture site for between $10 and $15 million. The Chernin Group reportedly invested another $20 to $25 million in Barstool two years later, bringing its total stake in the company to 60%. As You know, despite these advancements, Portnoy remained in charge of the company’s content creation.
In January 2020, his net worth spiked with Penn National Gaming paying around $450 million to Dave Portnoy for a 36 percent stake in Barstool Sports. Penn will pay an initial $163 million and an extra $62 million over three years to eventually increase its interest to 50%, according to the terms of the agreement.
On the other hand, Chernin’s investment in Barstool was reduced to 36 percent as a result of Portnoy’s new contract with Penn. As a result, Chernin and Penn own a combined 36 percent of Barstool Sports. The remaining 28 percent is controlled by Portman and a few firm officials, including CEO Erika Nardini.
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It’s also worth mentioning that Penn’s partnership with Barstool Sports resulted in more money for Dave Portnoy. As seen by Penn’s consistent climb in share price, the transaction considerably improved Barstool’s brand value.
Following the news of its agreement with Barstool, Penn’s stock allegedly soared to a new high of $38. The global COVID-19 pandemic, however, took a toll on Penn’s stock, and the company’s triumph was short-lived. The stock has plunged to a pitiful $7 per share by March 17, 2020, an 81 percent decline from its recent high. But it wasn’t long before the company was back on track. Penn’s stock was selling at $20 per share as of May 10. The stock had risen to a new high of $50 per share by August.
In addition to Barstool Sports, Dave Portnoy established One Bite with Davey Pageviews, an internet-based pizza review show.
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 $16 billion as of this writing. At such a price, a 0.5 percent ownership would be worth $80 million. Dave is said to own a third of that share, which is worth roughly $26 million at today’s prices. Dave Portnoy’s net worth is estimated to be $120 million, based on his remaining around $90 million shares in Barstool and money from earlier sales.
The Barstool Fund
Dave gave $500,000 to the Barstool Fund, which was set aside 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.
Podcasts From Barstool Sports
Because of their big viewership and large social media following, Barstool podcasts have been rated highly. For years, podcasts like Pardon My Take, Call Her Daddy, The Kirk Minihane Show, and others have dominated the podcast charts.
But then, Alex Rodriguez, Ryan Whitney, Willie Colon, James Duke, Will Compton, and a slew of other players, comedians, and bloggers have podcasts that can be found on the Barstool Sports Websites.
On its website, Barstool Sports also features the Rough and Rowdy program, which is a pay-per-view amateur boxing league in West Virginia.
However, Dave Portnoy was accused of misogyny and toxicity after one of his podcasts promoted sexual harassment. However, he dismissed the criticism, claiming that his site was merely a comedy site and should not be held to the same standard as a news site.
Sports Book for Barstool
Barstool Sports, with the help of Penn National Gaming, developed a sportsbook in September 2020, which is now a mobile betting app that is currently exclusively available to residents of Pennsylvania.
Keep an eye out for future announcements as the company plans to expand its services to other states.
Where Has Barstool Radio 85 Gone?
Barstool Radio 85, a Sirius XM channel, was a subsidiary of Barstool Sports. It ran for four years, from January 2017 to January 2021, but the contract could not be renewed owing to unknown public conditions.
However, starting in February 2021, Barstool Sports has started a new radio feature called Barstool Sports: Picks Central, in which sports betting is covered in depth.
Barstool Sports also wants to stream games on their website.
Does Big Cat own part of Barstool Sports?
Dan Katz, sometimes known as Big Cat, was one of the early content developers for Barstool Sports. He has witnessed the company’s highs and lows.
During the sale of a 51 percent stake to The Chernin Group, Big Cat began his podcast “Pardon My Take,” which has become one of the most popular sports podcasts in the United States.
Around the same time, there were other scandals surrounding Barstool Sports, including rape jokes, copyright issues, and nude images, leading to the cancellation of a show called ‘Barstool Van Talk,’ which the Big Cat was set to host on ESPN.
Big Cat, who has a net worth of around $2 million, is still one of the most notable voices in sports media, although he does not own a single share in Barstool Sports. However, the company has opened several doors for him, resulting in a net worth of around $2 million.
How Many Employees do Barstool Sports Have?
Barstool Sports is a New York-based private enterprise. It employs approximately 150 people. Employees at Barstool Sports spend an average of 1.1 years with the company, according to Zippia, a company that studies organizations and their human resources.
Barstool Sports is a big fan of hiring graduates from the University of Kentucky, with 13.3 percent of its workforce hailing from the university.
Portnoy has since entered the world of Day Trading after reaching a nine-figure net worth. Portnoy said on March 23, 2020, that he will become a full-time day trader and live stream his day trading on Twitter for the duration of his confinement.
He began day trading with $3,000,000 in his account and was down roughly $200,000 by the conclusion of his first week. Portnoy told Business Insider on April 17 that his losses had risen to $740,000.
Overall, Portnoy’s day trading won’t have a significant influence on his net worth. It is, however, a source of amusement for him as well as an opportunity for him to engage in an activity that will bring him closer to his fans.
Dave Portnoy’s Lessons
The following are lessons that can be drawn from the story of Dave Portnoy.
#1. Pursue Your Dreams
Despite having a pretty good career working for the Yankee Group, Portnoy opted to leave to pursue his personal goals. As it turned out, that risky decision paid off handsomely.
#2. Have a Big Dream
After the then-mayor, Thomas Menino, retired in 2013, Dave Portnoy ran for mayor of Boston. Portnoy’s bid, however, failed due to a lack of nomination signatures. Despite this, he made his mark and demonstrated that the sky truly is the limit.
#3. Contribute to Worthwhile Causes
Dave Portnoy’s Barstools Sports conglomerate has contributed to a variety of charitable projects. The corporation donated $250,000 to the victims of the Boston Marathon bombing in 2013.
Dave Portnoy Famous Quotes
The following are famous quotes from Dave Portnoy.
“I’ve always wanted to discover something I wouldn’t mind doing when I woke up. It was certainly my worst nightmare if I had to hate my job.”
“I make the tough judgments that no one else has the guts to make.”
“I want to make a lot of money and maybe make it on the senior tour, live on islands, and purchase a bigger Nantucket house.”
“There’s always going to be a line that you can’t cross. “Anything stated or published from a place of hatred will never be tolerated at Barstool.”
“You can tell a lot about a pizza establishment by the size of their cheese slice.”
Who Is the CEO of Barstool Sports?
Erika Nardini, the CEO of Barstool Sports, was previously the Chief Marketing Officer of AOL. Since July 2016, she has served as the company’s CEO. Dave Portnoy, the founder of Barstool, is no longer the company’s CEO, but instead serves as the Chief of Content, overseeing the site’s podcasts and blogs.
How Much Did Dave Portnoy Sell Barstool Sports For?
In 2016, Barstools Sports decided to seek outside financing and sold a 51 percent ownership to The Chernin Group (TCG), a California-based private equity group that invests in firms that create cultures such as Barstool, Tumblr, and Pandora. TCG purchased Barstool’s stock for roughly 10-15 million dollars, and the company relocated its headquarters to New York City.
Why Did Ellie Schnitt Leave Barstool Sports?
Ellie Schnitt hosted The Schnitt Talk, a podcast that aired on the Barstool Sports website. She and Alanna Vizzoni co-hosted it until September 2020, when it was canceled owing to her resignation.
Does Barstool Pay Their Athletes?
Barstool Athletes can sign up for the new site, which will be free to use for both parties involved in collegiate athlete contracts. Payments will also be processed through TwoYay, and users can expect rapid payouts without long wait times.
How Did Dave Portnoy Get Famous?
Dave Portnoy is an American businessman and sports media celebrity who made his fortune as the founder of Barstool Sports. In 2003, he launched Barstool Sports as a print journal. The company would evolve into an unusual sports media powerhouse over the years.
- Enjoy What You Do: In the early days of Barstool Sports, Portnoy would put in 10 hours a day. From writing for the magazine to attempting to form partnerships with local establishments, he did it all. It wasn’t glamorous work, and he wasn’t going to make much money from the magazine for years. That is why it is critical that you enjoy your work. You will have no fans, no money, and will constantly question if your business is worth pursuing in the early stages. Only if you enjoy what you do can you assemble a group of like-minded people around you will you be able to get through it.
- Sometimes you can fake a network effect: Reddit is an excellent example of how you can manufacture a network effect. The creators of Reddit used to create phony identities to comment on posts so that when other people came across them, it appeared that there was already an engaged community of people talking about a topic. Barstool did something similar by having one writer post under many aliases, giving the impression that the company was much larger than it actually was. But then, there are tons of downsides to taking this route. For example, it’s totally bad idea if you run a blog and want need to folllow Google practices.
- Be unabashedly yourself: Portnoy acknowledges that sports betting websites are becoming increasingly competitive. He claims, however, that his competitive advantage is that no one else has the personalities that he and his workers do. When launching a business, it’s tempting to follow in the footsteps of your competition. However, separating yourself from them and putting your own spin on an established product or service is where the true power lies.
Dave Portnoy is a successful social media figure who, through his firm, Barstools Sports, has revolutionized sports and pop culture. He currently has a net worth of $120 million, but given Barstool’s current brand, Portnoy’s net worth is projected to skyrocket in the near future.
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