Barstool Sports founder Dave Portnoy denies website story Initiated who accuses him of sexual misconduct with two young women.
Portnoy, who is a well-known online presence and stock trader, said in a Twitter post that the Initiated the story is a “hit”. He did not deny having sex with the women, but said the two encounters were consensual. He also said he had not been charged with any crime or contacted by police in connection with the alleged incidents.
Later that day, Barstool released a statement saying no malpractice had been reported and employee privacy was not the company’s concern.
Portnoy earned between $ 10 million and $ 15 million in 2016 for selling a stake in Barstool to the Chernin group. In January 2020, Penn National Gaming bought a 36% stake in the company for $ 163 million, with Chernin still owning an equal stake. Portnoy and other Barstool executives hold the remaining stake in the company.
Despite Portnoy’s denials, the Penn National action was hammered today. A poor third quarter earnings report announced today, combined with Portnoy’s story, saw the stock drop to its all-year low, then rebound slightly. That was another 20% loss that day for Penn.
The two women who made the allegations have used pseudonyms throughout the story, fearing retaliation. They accused Portnoy of humiliating them and being violently aggressive in their encounters, which both happened at Portnoy’s house in Nantucket in the summer of 2020.
Portnoy said on Twitter that he was concerned the allegations about him were just beginning.
“I’m scared because they ask for more. It’s like asking the internet, “Tell us bad stories about Dave Portnoy,” he said in his response on Twitter. “Well guess what? A lot of people hate me. I guarantee you: they will never be able to prove anything. Nothing, because nothing ever happened. But I can’t stop a he said, she said.