David Portnoy, an American blogger, and internet celebrity is famous as the founder of Barstool Sports, a satirical sports and pop culture blog. Portnoy started with a print publication in 2003 & later launched it on the internet in 2007 as Barstool Sports.
With stakes ownership sales to The Chernin Group and Penn National Gaming, David’s site valuation reached nearly $500 million in early 2020.
What Is David Portnoy’s Net Worth In 2020?
Rising success has uplifted David Portnoy’s economic portfolio to multi-million dollars. Mainly, the Swampscott, Massachusetts-born made his hefty fortune from the venture digital media site Barstool Sports.
According to Celebrity Net Worth, 43-year-old Portnoy has a net worth of $118 million as of July 2020. Still now, around 28% stake of Barstool Sports is owned by David Portnoy and a few executives including CEO Erika Nardini.
When it comes to his trading activities, he is quite open-minded & often updates about his shares & fortune on social media. So. it’s barely surprising that David asked Celebrity Net Worth to update his worth at $100 million in May 2020 via Twitter.
Good news everybody. My net worth is 100 million again. Please update @celebnetworth
— Dave Portnoy (@stoolpresidente) May 19, 2020
In March 2020, David Portnoy proclaimed himself day-trader in the midst of COVID-19 outbreak substituting over sports gambling. Even more, he had deposited $3 million into an E-Trade account.
However, by the first week of April, he told Business Insider that he was down $200,000 & totaled losses at $740,000 by April 17.
At the end of the trading day on April 20, Portnoy managed to grab $93,000 & reduced the losses to $647,000.
Launch of Barstool Sports And Valuation In 2020
Following his graduation from the University of Michigan in 1999, David began to work in a Boston-based IT research firm, Yankee Group for 4 years.
In 2003, he started a print publication that offered gambling advertisements and fantasy sports projections in Boston. By 2007, the service with widened itself on the internet as blogs and hence became Barstool Sports.
As per Forbes, the website recorded 8 million unique visitors a month in 2016.
In January 2016, Barstool Sports gained its stand as a media giant after The Chernin Group acquired its majority stake (51%) & moved its headquarters to New York.
Reportedly, The Cherin invested around $10- $15 million then, & later again put an additional $20- $25 million in 2018 for a 60% stake.
Along with a round of fundraising, the satirical sports blog reached a valuation of $100 million in 2018.
Acquisition By Penn National Gaming
Furthermore, after Penn National Gaming purchased a 36% stake of Barstool Sports for $163 million on January 29, 2020, the website’s valuation became a whopping $450 million.
With the purchase, The Cherin Group’s stake is down at 36%, same as of Penn National Gaming. And in the next 3 years, the latter company potentially will own a 50% stake for $62 million.
According to Yahoo Finance, Penn National Gaming Inc. has a market cap of $4.01 billion as of July 13, 2020; each share is trading for $29.85.
Charity Works And Donation
Along with his website Barstool, David is active in charity works & donates for philanthropic causes. He donated $20,000 to Penn State’s annual IFC/Panhellenic Dance Marathon in October 2019.
In July 2018, Portnoy gave $150,000 to the family of a police officer in Weymouth, Massachusetts, who was killed on duty.
Reportedly, his website raised a fund of $240,000 for the victims of the Boston Marathon bombings in 2013. The Barstool podcast Pardon My Take collected $50,000 to Justin J. Watt Foundation in April 2017.
Controversies In The Website
Despite being in the hype with success, the Barstool Sports barely seems free of controversies. Back in August 2011, the site received criticism after its comments on American NFL quarterback Tom Brady‘s two-year-old son’s unclothed photo. It became more of sexualizing rather than hilarious.
Moreover, Barstool’s comments that allege normalization of “rape culture” and their Blackout Tour parties which promote underage drinking are often in criticism.
In June 2020, Dave Portnoy & his website came under fire of Twitter activists; they highlighted his racial comments over the years.
Did you know? Comedian Miel Bredouw accused Barstool Sports of using one of her videos on Twitter without her consent in March 2019. Moreover, she declined $2,000 in exchange to revoke her complaint.
Short-Bio: Family, Wife & Relationship
David Scott Portnoy was born on March 22, 1977, in Swampscott, Massachusetts, the USA, to Michael and Linda Portnoy. He attended Swampscott High School & later enrolled at the University of Michigan in 1995.
In 1999, Portnoy obtained his degree in education.
He was once a married man & was in a relationship with then-wife Renee Satterthwaite. The duo exchanged vows in 2009 & separated in January 2017. Even after these, they are still in good terms.
Reportedly, his ex-wife Renee currently lives in Nantucket, Massachusetts, where David had purchased a house worth $2 million in 2016.
Back in May 2019, David was seen with a girl named Claire Jacobs at the Preakness horse race. However, regarding his current relationship status, the Barstool Sports founder remains silent.