Have you ever wondered what Dave Portnoy’s net worth is? Well, the takeout pizza reviewer, influencer, and president of Barstool Sports has quite a resume.
You might have seen Portnoy on Twitter, TikTok, Instagram, or other social media tools, as he has a massive following. While he has millions of followers on social media and is a celebrity, his rise to fame is starting Barstool Sports.
As the majority share owner and founder of Barstool Sports, Dave has a net worth of about $120 million. This post shares how Dave created Barstool and how much he sold it for.
Dave Portnoy was born on March 22, 1977. Portnoy took a liking to sports at a very tender age and played football and baseball growing up. While he did not play sports in college, he still got the chance to join the best sports college in Michigan. He attended the University of Michigan and attained a degree in education.
After his graduation, Portnoy proceeded to work at Yankee group, a tech research firm in Boston. After working with them for four years, he left to found Barstool Sports.
Did you know that Dave Portnoy was a gambler? After noticing that he did not have an analytical tool to help him with sports betting, he started Barstool Sports.
He recruited his childhood friends to write articles promoting his brand. They wrote under pseudonyms to make Barstool look like a big brand with many writers.
Portnoy got in touch with gambling companies and local bars to monetize his magazine. The business did not pick up fast, and they suffered some losses in the early days as the company gained traction.
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Barstool’s big break came in 2007 when the company became an online franchise. It gained a lot of traffic and began gaining national press coverage. Currently, the company’s website gets over a million visits in a day.
How much did Dave Portnoy sell Barstool for?
Dave Portnoy earned $10 to $15 million for selling Barstool to the Chenin Group in 2016.
Penn National Gaming then bought a 36% stake in the business for $163 million in January 2020.
At the time of sale, the company was worth $450 million. Portnoy and other executives own the remaining stake in the company.
In 2020 the entrepreneur decided to become a full-time day trader, sharing his experiences on Twitter.
When asked if he knew anything about day trading, Portnoy admitted that he knew nothing about trading.
He started day trading with only $3 million in his account. At the end of the first week, Portnoy was already making losses. According to Business Insider, Portnoy made losses to the tune of $740,000.
In the long run, the losses he made day trading did not immensely impact his net worth. However, he admitted that it is great to do what one wants, keeping him closer to his fans.
What is Dave Portnoy’s net worth?
Currently, Dave Portnoy has a net worth of $120 million. Most of his income comes from his equity in Barstool Sports.
Dave serves as the Chief of Content, running merchandise, videos, and daily podcasts.
How did Dave become so rich?
When Barstool Sports was just beginning, Portnoy worked on the end to build his company. He worked overtime, writing for the magazine and looking for partners.
It was not great work, and he did not make any serious amounts from the job; he still stayed at it until its maturity.
That is why it is essential to love what you do. In the initial stages, you will have no money, fans and you will wonder whether the business will break even.
The only thing that will help you out of the deadlock is believing in the work of your hands. You can then build a team of like-minded individuals to work with you as you make your dreams come true.
Secondly, you should strive to be yourself unapologetically. This entails carrying yourself with a go-getter mentality that will enable you to attain your goals. With a little serendipity, you will find yourself with accomplished dreams. Never give up on your dreams!