Dave Portnoy Net Worth 2022

Net Worth$120 million
Age43 years
Height5ft 10 
Date of Birth22 March 1977
Country/State of OriginUnited States
Source of WealthBusiness
CareerEntrepreneur
Marital StatusSingle
Wikipediahttps://en.wikipedia.org/wiki/David_Portnoy

What is David Portnoy’s Net Worth?

Quite truthfully one cannot specifically state what Dave’s net worth is but there is an estimated figure of his net worth.

David Portnoy has an estimated net worth of $80 million as a sports media figure and online entrepreneur in the United States.

Portnoy made his money as the founder of Barstool Sports, a digital sports company. Throughout two trades, he sold pieces of Barstool.

Introduction

Have you ever wondered what Dave Portnoy’s net worth is? Well, the influencer and CEO of Barstool Sports has a long list of accomplishments. Because he has millions of followers on each network, you’ve probably seen Portnoy on Instagram, Twitter, TikTok, or any other social media platform.

His claim to fame is creating Barstool Sports, despite having a big social media following and being a celebrity. Dave Portnoy has an estimated net worth of $80 million as the founder and majority shareholder of Barstool Sports as of February 2022.

About David Portnoy

Dave Portnoy or David Portnoy is an American born in Swampscott, a town in Essex County, Massachusetts on March 22, 1977, to Jewish parents; Michael Kaufman and Linda Kaufman. He was a lifelong sports fan who grew up playing baseball and football.

Although Portnoy would not participate in sports in his college days he was accepted into one of the country’s most prestigious sports schools, the University of Michigan. In 1995, he graduated from the University of Michigan with a bachelor’s degree in education.

Dave was raised by both his parents Michael Kaufman and Linda Kaufman in Massachusetts, where his family lives. However, there is little or no information available about Dave’s siblings or his childhood, some people say that Dave becomes a well know person when he started Barstool sports.

Dave Portnoy is of Jewish ancestry and practices Judaism. He will be celebrating his 44th year’s birthday by March 22, 2022. His zodiac sign is Aries. 

Portnoy went on to work at Yankee Group, a Boston-based technology research business, after he graduated from the University of Michigan in the year 1995, he spent 4 years there before departing to launch Barstool Sports his own business.

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Dave Portnoy career

When Dave graduated from college, he went to work for Yankee Group, an IT market research organization, where he worked in sales. But that wasn’t enough for him, and he demanded more.

He had the notion for a publication that would debate sports spreads and betting advice. He was tremendously interested in sports gambling and was quite adept at it, and his entire enterprise, Barstool Sports, grew out of that love.

Barstool Sports began as a simple black and white newspaper that offered betting and fantasy sports tips. Dave was even passing out newspapers on the Boston subway, which was the first time he had done so.

After a few years, Barstool was launched on the Internet, and in 2007, it became a website. Within a short time, the website became extremely successful, and the company expanded to New York, Philadelphia, and Chicago.

The Bro Show, a YouTube series created by Barstool, has moved into original content. Portnoy began reviewing every pizza business in Manhattan in 2017 as a result of the work’s tremendous popularity.

How did Dave Portnoy Earn a high Net Worth?

Dave Portnoy is a fantastic entrepreneur, as stated before in this article, and he has several sources that earn him money. We will go over each of his sources of earnings one by one.

Barstool Investment:

Barstool Sports was created by Dave in 2003 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. Portnoy in the early days of the site put in 10-hours per day regularly, as well as working on Saturdays and Sundays.

Dave is known on the site as “El Presidente” or “Stool Presidente.”

The site combines caustic sports content with gorgeous women. “ESPN and Girls Gone Wild” are the brand’s inspiration. BarstoolSports is one of the most popular sports websites on the internet today, so this combo appears to be working well for him.

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.

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Chernin’s Purchase:

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.

Penn National Gaming:

Penn National Gaming, Inc. is a gaming corporation based in the United States that operates casinos. Pennsylvania, West Virginia, Ohio, and Indiana are among the company’s sectors.

It also owns or operates three racetracks with approximately 1,500 video lottery terminals (VLTs); five off-track betting locations with over 3,000 VLTs; seven casino hotels, two restaurants, one lounge theater, and ten food and beverage outlets.

Penn National Gaming also owns or has a stake in six additional sites in Pennsylvania and West Virginia, which are held through various ownership arrangements such as joint ventures (35%), limited partnerships (7%), and fee simple absolute (58 percent )

The Company announced on October 16, 2017, that it had collaborated with Barstool Sports to develop a new digital media platform specialized in casino gaming and lifestyle. Content production, marketing, and advertising strategies were implemented throughout Penn National Gaming’s casino facilities as part of the agreement.

Both firms benefited greatly from the transaction since it provided Barstool Sports with a large audience of casino patrons to promote its material too. It also provided Penn National Gaming with access to Barstool’s distinctive brand of wit and irreverence.

Penn National Gaming paid roughly 163 million dollars for a 36 percent share in Barstool Sports. Barstool Sports was valued at $450 million at the time of the transaction. Portnoy and a few other executives of the firm own the remaining percentage of the corporation.

Trading daily:

Portnoy has since entered the world of Day Trading after reaching a nine-figure net worth. On March 23, 2020, he said that he will become a full-time day trader and live stream his day trading on Twitter for the duration of his confinement.

Portnoy began day trading with $3,000,000 in his account and was down roughly $200,000 by the conclusion of his first week.

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Portnoy told Business Insider on April 17 that his losses had risen to $740,000.

Overall, Portnoy’s day trading will have little impact 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.

Stocks Owned:

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.

Conclusion

Dave Portnoy is the founder of the online sports site Barstool Sports, as well as a successful businessman and blogger. Throughout his career, he has been referred to as “El Presidente” and “El Pres,” and during his university years, he earned a degree in education.

Frequently Asked Questions

Is Dave Portnoy in a relationship?

Dave Portnoy doesn’t have a girlfriend right now, but he was in marriage in 2009 that didn’t work out, and he had to divorce his wife in 2017. As a result, his relationship status is currently single.

What is Dave's private life like?

Renee Sathertwaite, Dave Portnoy’s long-time sweetheart, was his wife. In 2009, they married in a private ceremony. Dave announced his separation from his wife eight years later, but he never revealed the true cause for the split. He makes every effort to keep his personal life as private as possible.

Is Dave Portnoy a believer in giving back to the community?

Yes, 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.

Reference

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