Dave Portnoy started a four-page free sports and gambling print publication handed out at subway stations in Boston and expanded it into a lifestyle and entertainment media empire with millions of fans.
A businessman and social media personality, Portnoy discusses sports and culture, reviews pizzas, and shares his stock investing strategies.
But just who is Barstool Sports founder Dave Portnoy? How did he make his money, and what does he do with his wealth?
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Who is Dave Portnoy?
Portnoy was born in Massachusetts in 1977 and graduated from the University of Michigan with a degree in education. In 2003, he started Barstool Sports as a four-page print publication about sports and gambling in the Boston area that he handed out in the streets of the city.
By 2009, Barstool moved solely online and expanded its operations to other cities. Viewership increased over the years, and at Barstool, Portnoy became known as “El Presidente.” In 2020, Portnoy agreed to sell Barstool to Penn Entertainment (formerly Penn National Gaming (PENN) but would eventually regain full ownership and control.
Nowadays, the wealthy entrepreneur is well-known among fans and critics alike for his outspoken views on sports, culture, and politics.
What is Dave Portnoy’s net worth?
In 2020, after his partial sale of Barstool to Penn, Portnoy claimed to be worth around $100 million, according to the New York Times. As of mid-2024, however, Portnoy’s net worth is estimated to be around $150 million, according to Celebrity Net Worth.
Portnoy’s wealth largely comes from the sale of his stake in Barstool Sports. In 2020, Penn Entertainment (formerly Penn National Gaming (PENN) bought 36% of Barstool for $163 million in a mix of cash and convertible preferred stock. It bought the remaining stake for $388 million in 2023.
At the time of the first transaction in 2020, Penn’s stock was trading at around $30 but climbed to a record of around $140 in 2021. If Portnoy converted the preferred stock he held into common shares at the time of the record rise, his wealth would have multiplied considerably.
He said he owned a significant amount (“a $hit ton”) of shares in 2022, when Penn’s stock was trading lower, at around $40.
Dave Portnoy’s investment style & Davey Day Trader live streams
During the pandemic, Portnoy began to publicize his investments in the stock market via a YouTube channel aptly named Davey Day Trader on September 27, 2021. His first broadcast featured a whiteboard in the background with the words “$PENN TO THE MOON” and PlayBarstool.com, a URL that directed users to Barstool’s betting app.
Portnoy’s irreverent style came into play in the live-streaming broadcasts, which typically lasted less than 20 minutes. These carried over into his sharing his sometimes satirical investment strategy, which included randomly picking Scrabble tiles from a bag and seeing which stock ticker symbols the resulting letters made up.
In April 2024, he told viewers he was down $1 million on his investment in Tesla (TSLA) . He also invested in Bitcoin (nine, as of January 2024) and other cryptocurrencies. Still, he tells viewers that he looks to invest in distressed companies, in a nod to value investing style, and takes the buy low and sell high approach.
Recent episodes included showing a banner, “DON’T GIVE UP THE SHIP,” while another had a poster of his DDTG (Davey Day Trader Global) logo and the motto “STOCKS ONLY GO UP.”
On his TikTok channel, @stoolpresidente, and on YouTube, Portnoy derided Wall Street and called the stock market “the world’s biggest casino,” alleging that algorithms were controlling information — likely a reference to high-frequency trading.
“It’s greed, and everyone’s trying to make money, and you shouldn’t rig the game against the little guy, which is what they do,” he said. ”It’s like the people who make the money make the rules to ensure they’re the only ones who are going to make the money. That’s bulls***!”
Portnoy was sticking up for the individual investors who were looking to make money quickly, and cited Bitcoin as an alternative investment to achieve that.
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What stocks does Portnoy invest in?
Some of Portnoy’s past and present stock investments include budget carrier Spirit Airlines (SAVE) , AI software developer ServiceNow (NOW) , cosmetics maker Estee Lauder (EL) , casino operator Wynn Resorts (WYNN) , and energy drink maker Celsius Holdings (CELH) .
Portnoy tracks stocks in momentum play, such as movie theater chain AMC Entertainment Holdings (AMC) and video game retailer GameStop (GME) . He keeps an eye on consumer-driven stocks such as Starbucks (SBUX) and Lululemon Athletica (LULU) .
When was Barstool Sports sold to Penn & for how much?
Penn purchased Barstool in two separate stake acquisitions, the first in 2020 and the second in 2023, for a total of $551 million. The gaming company bought Barstool as part of its sports gambling expansion plan, viewing Barstool as a perfect platform through which to advertise its sports-betting businesses, which aim to compete with DraftKings (DKNG).
Why did Dave Portnoy buy Barstool Sports back from Penn?
In August 2023, just months after buying the remaining stake in Barstool, Penn signed a deal with ESPN to be the exclusive partner for a betting sportsbook and paid ESPN $1.5 billion over a 10-year period.
As part of that joint venture, Penn had to divest its interest in Barstool, so it sold the company back to Portnoy for a token amount of $1. Still, Penn had stipulated under an agreement that Penn would receive 50% of the proceeds of any future sale of Barstool. Portnoy, however, has vowed never to sell Barstool.
What else does Dave Portnoy own and invest in?
As the face, owner, and executive manager of Barstool Sports, Portnoy is very busy, but he also has a number of financial interests outside of his media platform.
Barstool Sports
By the time Portnoy regained control, Barstool’s content spanned multiple platforms, including podcasts, video, social, live events, pay-per-view programs, and subscriptions. It reached more than 200 million fans across social media and continues to grow. Its website alone reached millions of viewers per month as of 2024.
One Bite Pizza
Portnoy is a big fan of pizza (with a preference for thin, but not too thin, and crunchy crust) and does dozens of reviews of pizza establishments across the country each year. He gets recommendations from viewers and visits some of the pizzerias they recommend. In short-form videos on YouTube and other social media, his modus operandi is to buy a pie, take one bite from a slice, and assign a rating on a scale of 1 to 10, with 10 being the highest.
Outstanding reviews typically fall in the 8-9 range, and ratings above 9 are very rare. Bystanders and passersby are welcome to join in and grab a slice but also have to give their own opinions.
Rumble
In early 2024, Barstool signed an agreement with alternative social media platform Rumble (RUM), in which Rumble has rights to access Barstool’s content. Portnoy owns shares in Rumble and touted Rumble to his viewers on his YouTube channel.
How does Dave Portnoy spend his money?
Portnoy bets on professional and college sports, such as basketball and horse racing. He also invests in real estate, and one of his latest purchases was a $42 million harborfront home near the Boston area on Nantucket Island, which was a record amount for a home sold in Massachusetts.
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