Since his 2003 debut as a blogger and publisher of sports betting choices, American Dave Portnoy has risen to prominence in the worlds of sports media, entrepreneurship and online fame. David Scott Portnoy was born on March 22, 1977, to parents Michael and Linda in the town of Swampscott, Massachusetts.
Let’s take a look at Dave Portnoy’s money in this article to read about his net worth, investments and more.
How Much is Dave Portnoy’s Net Worth?
As per various reports, American sports media personality and internet entrepreneur David Portnoy has a net worth of $100 million. In 2016, he made his initial sale of a controlling interest to The Chernin Group.
Penn Gaming paid the original investors $163 million to purchase a 36% stake in the company in January 2020. The transaction included a future option to acquire 100% of the business.
In August of 2022, for a price of $390 million, Penn Gaming made good on its option to acquire Barstool entirely. Penn Gaming spent a total of $550,000,000.00 to acquire all of Barstool.
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How did Dave Portnoy Make Money in His Career?
The sale of Barstool Sports accounts for the bulk of Dave’s fortune of $100 million. From 2016 to 2023, he sold off pieces of the business at a time. He is now in charge of all the podcasts and blogs on the website.
Dave looked for outside investors in 2016 and sold a 51% ownership in the company to The Chernin Group (TCG), a private equity investment group based in California, for between $10 and $15 million. Dave sold a 36 percent ownership to Penn National Gaming in 2020 for $163 million in cash and stock.
Penn National Gaming operates racetracks and casinos in the United States. Penn National Gaming Group announced the completion of its $388 million acquisition of the remaining interest in Barstool Sports on February 17, 2023.
Dave has used Barstool Sports to create a number of different products including a vodka brand and a line of frozen pizzas sold at Walmart. Dave has most likely made money from his online activity. He has a massive online following across several different networks:
- 2.8 million followers on Twitter
- 4.4 million followers on Instagram
- 109.3K followers of The Dave Portnoy Show on TikTok
Dave Portnoy’s investment choices are one factor in his wealth. It is said that he puts money into equities, properties, cryptocurrencies and even Bitcoin.
When asked about his cryptocurrency and Bitcoin holdings in 2022, Dave stated he still had some, but that most of his wealth came from Penn Entertainment, the firm that bought Barstool Sports.
It was stated that in one week in 2022, he made “like a million dollars” trading Lululemon options. His meme stock losses have reached $700,000, yet he still has enough money.
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