Well-known media personality Dave Portnoy is influential to the Barstool Sports brand he founded, and a racy video of Portnoy is moving shares of a company that owns a big stake in Barstool Sports.
What Happened: Portnoy held one of his “emergency press conferences” Tuesday where he discussed a leaked sex tape and the impact it was having on shares of Penn National Gaming (NASDAQ: PENN).
“Are you kidding me?” Portnoy said, telling people it’s a federal crime to watch or post the video.
This is the third sex tape leak, according to Portnoy.
“So, I have sex. People f—ing know that,” Portnoy told viewers.
Related Link: Barstool Sports Brand Shines In Penn National’s Q4 Report
Why It’s Important: Penn National Gaming stock has been a strong performer since acquiring a stake in Barstool Sports and leveraging the brand and strong following for its online sports betting platform. Investors who bought shares of Penn National Gaming in January 2020 have seen shares go from $33 to a high of $142 in the last year.
Portnoy told viewers the drop today could be a buying opportunity for Penn National shares.
PENN Price Action: Shares of Penn National Gaming are down 5.4% to $101.07 at publication time.
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