Barstool Sports reported a record weekend of One Bite frozen pizza sales as founder Dave Portnoy rallied supporters with the #onebiteweekend hashtag after Business Insider accused Portnoy of sexual misconduct.
What Happened? On Thursday, Business Insider told the stories of two women who have accused Portnoy of "violent" sexual encounters at his home in Nantucket in 2020. Portnoy denied the allegations and insisted he has never had any sexual relations that were nonconsenual.
Portnoy claims Business Insider followed up on its story by contacting Barstool’s advertisers and pressuring them to drop Barstool as a client. He has subsequently attacked Business Insider CEO Henry Blodget, a former Wall Street analyst who was permanently banned from the securities industry after a fraud settlement with the U.S. Securities and Exchange Commission.
Why It’s Important: Penn National Gaming, Inc PENN shares took a 21% hit last week following the allegations and a big third-quarter earnings miss by Barstool’s parent company.
On Friday, Portnoy tweeted a video urging supporters to "fight back against cancel culture" by buying One Bite pizzas over the weekend to show advertisers that Barstool supporters have his back.
On Monday, Portnoy revealed the #onebiteweekend led to record sales of One Bite pizzas, with revenue up 50%.
“It was our biggest weekend ever. We sold 50k pizzas in 2 days. We canceled cancel culture. It was about proving a point not making money. I will donate 350k to Barstool Fund,” Portnoy said.
Portnoy posted screenshots of an email from Business Insider global editor-in-chief Nicholas Carlson declining an invitation to appear on “The Dave Portnoy Show” to discuss the allegations.
Benzinga’s Take: There have been no charges pressed against Portnoy related to the allegations, and Penn has not taken any disciplinary measures at this point.
Portnoy and the women involved in the alleged incidents are the only ones that know the real truth about what went down on the dates in question, but the record pizza sales are a clear message to Penn investors that Portnoy’s droves of supporters are willing to put their money where their mouth is when it comes to supporting Portnoy and Barstool.
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