According to a Penn Gaming Q1 2020 10-Q SEC filing, of the $163 million in cash, roughly $23 million was given as convertible preferred stock and $3 million was set aside as "forward arrangements". David Scott Portnoy (born March 22, 1977) is an American internet celebrity, blogger, and founder of the sports and pop culture blog Barstool Sports. [4], Following graduation in 1999, Portnoy moved to Boston and began working at Yankee Group, an IT market research firm. [6] On January 7, 2016, Portnoy announced The Chernin Group had purchased a majority stake of Barstool and the headquarters would be moving to New York City. [3] Portnoy began attending the University of Michigan in 1995, graduating with a degree in education. David defended his research as “exhaustive, factual due diligence” based on concrete evidence gathered by his investigators. Sitemap “Portnoy is like every other narcissistic CEO we have ever busted,” David told The Post in a statement. David Scott Portnoy (born March 22, 1977) is an American internet celebrity, blogger, and founder of the sports and pop culture blog Barstool Sports. Patriots teammate's 'annoyed' wife denies Cam Newton dinner, Biden introduced Ukraine exec to VP dad: emails, Incoherent Mike Tyson leaves viewers worried in strange interview, Hunter Biden emails show leveraging links with dad to boost Burisma pay, Colts make Philip Rivers decision after 'dramatic' message, Lawmaker threatens Facebook for ‘censoring’ Post’s Hunter Biden bombshell, Facebook muzzling The Post's bombshell Hunter Biden exposé, FDA reportedly found quality-control lapses at plant making COVID-19 drug, Ice Cube worked with Trump administration on ‘Platinum Plan’ for black America, Kat Dennings tells Billie Eilish body shamers to ‘f–k right off’, Kendall Jenner is the queen of the mirror selfie, © 2020 NYP Holdings, Inc. All Rights Reserved, 'Everything is upside down': New Queens beachfront eatery opens during pandemic, Big retailer's expansion is right on 'Target', The best Amazon Prime Day deals you can buy today, Amazon takes up to 30 percent off Fitbit devices for Prime Day, The best headphone deals you can buy this Amazon Prime Day, The best Prime Day 2020 deals on kitchen appliances, cooking gear and more, Persil, Affresh and more cleaning products up to 30 percent off for Prime Day, YouTube bans COVID vaccine misinformation, Cardi B was in bed with Offset when she accidentally posted her nude photo. He founded Barstool Sports in 2003 as a print publication for the Boston metro area. He told The Post that he bought nearly $2 million in Remark shares ahead of the Las Vegas-based tech firm’s May 28 earnings report. We've received your submission. Portnoy, meanwhile, blasted David for attempting to make money off his public presentation. After college he moved to Boston where he worked for an IT market research company. [7][8], One Bite with Davey Pageviews is an internet show that Portnoy created, which consists of him reviewing pizza. In the site's early days Portnoy was known to regularly put in 10+ hour days, while still working on both Saturdays and Sundays. Brash sports blog owner Dave Portnoy lost a small fortune on the controversial stock that landed him into a bitter spat with a short-seller this week, he told The Post in an exclusive interview. We would like to show you a description here but the site won’t allow us. Remark, which has criticized David’s research as “misleading and sloppy,” declined to comment on Portnoy’s purported losses. Unfortunately, in the wake of the worldwide Coronavirus outbreak, Penn's stock plummeted. As The Post reported earlier this week, David and his firm Wolfpack Research raised red flags about Remark in an online presentation on Tuesday, including alleged ties to a blacklisted Chinese company and a CEO with a pile of gambling debts. On the site Dave goes by the title "El Presidente" or "Stool Presidente". Dave Portnoy says he buys stocks based on his mantra... Dave Portnoy got into a fiery online spat with a... Post was not sent - check your email addresses! Following the sale, The Chernin Group maintained a 36% stake in the company, while Portnoy continues to run the site and retains creative control over content. Portnoy, who’s recently claimed he’s worth $100 million, didn’t give a specific dollar figure for his losses, but he called Remark one of his “biggest losers.”. All net worths are calculated through the combination of a robust methodology and a proprietary algorithm. Terms of Use The results are fact checked and confirmed by a team of editors and industry insiders. [11], Portnoy was detained in a Mercedes-Benz Stadium holding cell for a portion of Super Bowl LIII. In 2020, Penn National Gaming purchased a 36% stake in Barstool Sports for $163 million. David then took the opportunity to knock Portnoy personally for touting Remark’s “less than worthless” shares under his “Davey Day Trader” Twitter moniker, calling him “a menace” to investors. [12][13], In August 2019, the National Labor Relations Board commenced an investigation into Portnoy on charges that he illegally threatened to fire his workers if they unionize. He railed against Remark in his trading broadcast the next day as the stock climbed to a peak of $3.21. To me that should be illegal.”. Dave reportedly owns 1/3 of that stake which works out to around $12.5 million at today's levels. Th… Portnoy has earned his … It closed at $2.24 on June 2. [16] After raising over $17,000 in campaign contributions, he failed to submit enough nomination signatures to qualify for the election. [15], In 2013, Portnoy launched an unsuccessful campaign to become the Mayor of Boston following the retirement of Thomas Menino. 2.9m Followers, 2,523 Following, 1,962 Posts - See Instagram photos and videos from Dave Portnoy (@stoolpresidente) The informal settlement required Portnoy to delete his threatening tweets and remove any potential anti-union material created by Barstool Sports. “I want to strangle the life out of this company,” Portnoy said on June 3. By August it had more than doubled to around $50 a share. The site is a mix of snarky sports coverage and attractive women. Penn National has the ability to pay an additional $62 million in three years to bring its stake up to 50%. In the days immediately after the announcement shares surged to an all-time high of $38. His investment apparently caught the attention of Remark CEO Kai-Shing Tao, who talked with Portnoy after he “publicly spoke about his ownership in our shares,” company spokesman Brian Harvey said. The brand has been described as a mixture between "ESPN and Girls Gone Wild." David Portnoy net worth and salary: David Portnoy is an American sports media figure and internet entrepreneur who has a net worth of $120 million. The Barstool Sports founder, who recently boasted that he’s a better investor than Warren Buffett, said his bet on Remark Holdings likely cost him “close to seven figures” — giving him good reason to trash the shares that investor Dan David claims he pumped and dumped. “It’s up 40 percent and I get nothing.”. 4,061, © 2020 NYP Holdings, Inc. All Rights Reserved [14] In December 2019, Portnoy settled with the National Labor Relations Board. “He basically is trying to move stock prices to make a profit,” Portnoy told The Post. The unofficial goal of the show is to review every pizza place in Manhattan. By March 17, the stock had slid to $7 a share. Portnoy began his goal of reviewing every pizza place in Manhattan in 2017. He said he ditched his remaining $100,000 in shares on Monday, a day before David’s presentation. 2", "The Story of How Barstool Sports Got Sold", "Barstool Sports to Sell 36% Stake to Penn National Gaming", "Barstool Sports' Dave Portnoy Has Eaten Pizza Daily for Two Years", "The cast of Tag Movie goes hilariously unnoticed by fan during YouTube pizza review", "Barstool Sports employees arrested during sit-in at NFL offices", "Barstool Sports Stars Banned from Super Bowl Over Fake Press Passes", "Video: Barstool Sports honcho David Portnoy hauled out of Super Bowl", "David Portnoy from Barstool Sports is investigated after he threatens to fire workers over unions", "Barstool Sports co-founder David Portnoy settles over anti-union tweets", "Say Hello to the Internet's Biggest Jewish Stars", https://en.wikipedia.org/w/index.php?title=David_Portnoy&oldid=982562658, University of Michigan School of Education alumni, Short description is different from Wikidata, Wikipedia indefinitely move-protected pages, Creative Commons Attribution-ShareAlike License, This page was last edited on 8 October 2020, at 22:37. [10], On May 12, 2015, Portnoy was arrested by New York City police after he and three Barstool employees handcuffed one another on the floor of NFL headquarters. Post Malone Announces Partial Ownership Of Envy Gaming, This Kid Went From Work At McDonald's To Making MILLIONS Playing Video Games. Submit a correction suggestion and help us fix it! Privacy Notice Supreme Court nominee Amy Coney Barrett faces questions on Day 3 of confirmation hearings, August 13, 2020 | 4:58pm | Updated August 13, 2020 | 5:07pm. [19] He married Renee Satherthwaite in 2009. Portnoy told The Post he held on to about $400,000 in Remark shares after the earnings report, then sold a little at a time when the stock price got a bump. Sorry, your blog cannot share posts by email. [20], American internet entrepreneur and celebrity, "Former Swampscott Baseball Player Calichman Named Big Blue Head Coach", "Timothy Burroughs: The President of Bros", "The Man Behind the 'Bible of Bro Culture, "Barstool Biographies: Becoming El Pres Pt. As of this writing, Penn Gaming's market cap is $7.5 billion. The protest was a reaction to Deflategate. Penn National Acquisition: In January 2020, Penn National Gaming acquired a 36% stake in Barstool Sports at a valuation of $450 million. In the interview, Portnoy denied he was talking about Remark specifically, saying “never sell” is his general investment philosophy. He also noted that Portnoy has touted two other small-cap stocks — MicroVision and InspireMD — whose share prices went on to tumble. It took another nosedive in the following months, closing at $1.60 on Thursday. The convertible stock can ultimately be converted into approximately 0.5% of Penn Gaming's market cap or 883,000 shares of Penn Gaming. “When he comes out with his research trashing a company and saying that it’s fake, has he already shorted that stock? That's an 81% drop from the peak. 43,124, This story has been shared 32,842 times. Portnoy hit back in an online video calling David a “fraud” and a “used car salesman,” and denied that he’s touted the stock since May. This combination is apparently working well, as BarstoolSports is one of the most popular sports sites  on the internet today. In January 2017, Portnoy separated from his wife. We work diligently to ensure that our numbers are the most accurate celebrity net worth data you will find anywhere on the internet. The website was launched in 2007. “They make up arbitrary rules for everyone else that only they do not have to follow.”. By May 10, it had risen back up to around $20 a share. Chernin Acquisition: In January 2016, it was reported a majority stake in Barstool had been acquired by Peter Chernin's The Chernin Group for $10 – $15 million. Thanks for contacting us. He graduated from the University of Michigan in 1999 with a degree in education. David Portnoy net worth and salary: David Portnoy is an American sports media figure and internet entrepreneur who has a net worth of $120 million. © 2020 Celebrity Net Worth / All Rights Reserved, © 2015 Celebrity Net Worth / All Rights Reserved, Love Him Or Hate Him, Barstool Founder Dave Portnoy Is Now Worth $100 Million. So, a 0.5% stake would be worth $37.5 million at that level.

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