Dave Portnoy Net Worth
Dave Portnoy has an estimated net worth of about $150 million. Find out how this internet entrepreneur earned his wealth.
 |
Dave Portnoy Net Worth: $140 - $150 Million
Dave Portnoy's net worth comes mostly from his popular sports and pop culture blog, Barstool Sports.
He lucked out with a series of acquisitions that skyrocketed his net worth into the multi-millions.
Portnoy also makes some money as a social media influencer. But his fortune from Barstool is definitely his crowning glory.
Want to know how Dave Portnoy got so rich? Check out how he makes money below.
Who is Dave Portnoy?
David Scott Portnoy is an internet celebrity and blogger. He was born on March 22, 1977, in Swampscott, Massachusetts. After graduating from the University of Michigan, Portnoy worked at Yankee Group, an IT market research firm. He left the company after four years.
Portnoy founded Barstool Sports in 2003 as a small print publication that offered sports betting and fantasy sports analysis. It launched online in 2007.
Barstool Sports expanded to include podcasts, blogs, and videos about pop culture and sports. Over the years, Barstool skyrocketed in popularity, spearheaded by Portnoy's blunt and controversial persona as "El Presidente."
How Dave Portnoy Makes Money
Most of Dave Portnoy's net worth comes from his involvement in Barstool Sports. But he has also become a successful social media influencer. Find out how he grew his fortune below.
How Much Did Dave Portnoy Sell Barstool Sports For?
With 66 million unique visitors per month, Barstool Sports' popularity caught the interest of investors. Here's how the acquisitions went down:
The Chernin Group Acquisition
In 2016, The Chernin Group purchased a 51% stake in Barstool Sports for about $10 million to $15 million.[1]
By 2018, Chernin had invested a total of $25 million and owned around 60% of the company.[2]
Penn National Gaming Acquisition
In 2020, Penn National Gaming bought a 36% stake in Barstool Sports for $163 million. The deal valued Barstool at $450 million. After three years, Penn will invest another $62 million to increase its stake to about 50%.[3]
With this deal, Chernin's stake in Barstool was reduced to 36%. Portnoy and a few executives like CEO Erika Nardini own the remaining 28% of the company.
Even with the acquisitions, Portnoy still has complete creative control over the company as Barstool's Chief of Content.
Social Media Earnings
For bigger influencers, there's a lot of money to be made with every post. Portnoy has 3.8 million followers on Instagram, 2.1 million followers on TikTok, and a total of about 917,000 followers across his three YouTube channels.
On average, Portnoy makes $2,000 to $3,000 per Instagram post. With a current total of 2,560 posts, that puts his earnings at around $5.1 million to $7.7 million.[4]
Portnoy has fewer followers on TikTok, but he still makes an average of $750 to $1,000 per video.[5] With 713 videos, that comes out to around $534,000 to $713,000.
A YouTuber of Portnoy's size can expect to make around $4.18 to $7.60 for every 1,000 views. [6]
Across his three channels, Portnoy has 225,457,600 video views. In total, he's estimated to have earned between $518,000 to $942,000 from YouTube.
Waterfront Home in Miami
Owning real estate can be a good way to increase net worth. And in 2021, Portnoy bought a waterfront property in Miami for $14 million.[7]
The huge home sits on a 1-acre lot, complete with 9 bedrooms, 8.5 bathrooms, and a pool. It's located in Morningside, a quiet neighborhood in Miami.
Losses
You win some, you lose some. Dave Portnoy took up day trading in 2020 as a stand-in for sports gambling, and the market hasn't always been favorable for him.
Portnoy has reportedly lost around $1.3 million from his trades. In 2020, he quickly lost $647,000 after jumping headfirst into day trading.[8]
Portnoy lost another $700,000 on "meme stocks" like GameStop and AMC in 2021.[9]
Although a loss of $1.3 million is a lot, it barely makes a dent in Portnoy's overall net worth.
Bottom Line
Since starting Barstool Sports in 2003, Dave Portnoy has turned his small local newspaper into a hugely successful digital media conglomerate. Today, his efforts have paid off and resulted in a total net worth between $140 million and $150 million.
Portnoy shows no signs of stepping away from the action any time soon. His net worth will probably continue to grow in the coming years.
References
- ^ Business Insider. Barstool Sports just got bought at a $10 million to $15 million valuation, and its founder is 'kinda rich now'. Accessed 06 Oct 2021.
- ^ Recode. A casino company is buying Barstool Sports in a $450 million deal. Accessed 06 Oct 2021.
- ^ Penn National Gaming. Penn National to Acquire 36% Interest in Barstool Sports for Total Cash and Stock Consideration of $163 Million. Accessed 06 Oct 2021.
- ^ Influencer Marketing Hub. Instagram Influencer Sponsored Post Money Calculator. Accessed 07 Oct 2021.
- ^ PubTok. TikTok Money Calculator. Accessed 7 Oct 2021.
- ^ CNBC. Here's how many social media followers you need to make $100,000. Accessed 07 Oct 2021.
- ^ The Real Deal. Barstool Sports founder revealed as buyer of record $14M waterfront home in Miami's Morningside. Accessed 07 Oct 2021.
- ^ Business Insider. Barstool Sports founder switches from gambling to day trading during coronavirus—and he says he's down $647,000. Accessed 07 Oct 2021.
- ^ Business Insider. Barstool's Dave Portnoy says he lost $700,000 on 'meme stocks' like GameStop and AMC. Accessed 07 Oct 2021.
Donna Tang is a content associate at CreditDonkey, a personal finance comparison and reviews website. Write to Donna Tang at donna.tang@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
|
|
| ||||||
|
|
|
