Dave Portnoy has shrugged off claims that a leaked sex tape could have caused a dip in the share price of a gambling company he owns a ‘ton’ of stock in.
The Barstool Sports founder, 44, posted a video to Twitter discounting suggestions that the leaked tape that surfaced online on Tuesday could have caused a dip in the value of Penn National Gaming shares.
‘A stock is down because somebody has consensual sex? Are you f***ing kidding me?’
It’s unclear when the video was made, but Portnoy said it was old and that it showed a consensual act.
News of the the leaked video clip on Tuesday coincided with a drop in the share price of Penn, which bought a 36% stake in Barstool Sports for $163 million in January 2020.
The stock opened at $110.17 on Monday morning. It opened on Tuesday at $106.75 and by 1:30pm Tuesday afternoon Eastern time it had dipped to $100.46 before recovering to $102.37 on Wednesday afternoon.
The share price for Penn National Gaming stock dipped by 10% from its opening on Monday morning until 1:30pm on Tuesday
Portnoy posted a profanity-laden video on Twitter brushing aside suggestions that the sex tape had caused the share price to drop, and advising followers to buy on the dip
Portnoy is worth an estimated $120 million after selling a 36% stake in Barstool Sports to Penn in January 2020 for $163 million
Penn owns casinos, racetracks, online gambling sites across the US, including the Margaritaville Tropical Casino, above, in Bossier City, Louisiana
Portnoy, who according to his Twitter bio owns a ‘ton of Penn Stock’, is worth an estimated $120m.
Portnoy told Fox Business on Tuesday the video was dated and the sex was consensual.
He told the network that the correlation in stock movement just seems ‘dumb.’
‘Somebody committing a crime by leaking an old video of sex between two consenting adults seems like a dumb reason for a stock to go down,’ he said.
‘As far as I know, nobody would exist on Earth without intercourse. And anybody who shared or watched it committed a federal crime. It was never meant for public consumption.’
Portnoy claimed it was a federal crime to watch or distribute the video.
In the 45 second video, which has been widely circulated online, Portnoy is seen having sex with a woman from behind while pulling her neck back with a cord.
It’s not the first, or second time a sex tape of Portnoy has been leaked online.
He alluded to the fact he’d been caught up in previous sex tape controversies during a Twitter rant on Tuesday.
‘Penn stock is down because there’s a f***ing sex tape of me? Hey, news flash: It’s the third f***ing one,’ he said.
‘What are you gonna f***ing do? It’s the internet. So I have sex. People f***ing know that.’
Portnoy, 44, married ex-wife Renee Satherthwaite, 33, in 2009; the pair announced their split in 2017
Portnoy helped raise $12 million for 47 small businesses during the pandemic
Portnoy was previously married to Renee Satherwaite, but they split in January 2017 after eight years of marriage.
Announcing the marriage breakup, he revealed he was dating fitness instructor Jordyn Hamilton.
Since starting Barstool Sports in 2003, Portnoy has grown the media company into a multimillion-dollar enterprise.
In January of 2020, the company was valued at $450 million, with Penn National Gaming buying a 36 per cent stake for $163 million.
In December of that year, Barstool and National Labor Relations Board reached a settlement in which Portnoy had to delete his offending tweets and remove any anti-union material created by the company.
That included a secret Twitter account called Barstool Sports Union, which posed as a Barstool employee organizing a union within the company — but turned out to be run by the company itself in an effort to uncover employees who tried to unionize.
And last year, Portnoy was unapologetic when videos resurfaced of him using the n-word and other racist language, as well as speaking out in support of wearing blackface, according to Variety.
During the coronavirus lockdown, Portnoy was an outspoken critic of a lack of help for small businesses, and he raised $12m in two weeks last December that helped 47 businesses stay afloat.