Penn Stock Tanks After Barstool Fires Employee For Rapping Song With The N-Word
Penn Entertainment stock is in the toilet after Ben Mintz was fired for rapping a song featuring a racial slur.
Barstool founder Dave Portnoy announced Wednesday night Penn Entertainment, the parent company, had fired Mintz after he accidentally slipped up and rapped the n-word while singing on a livestream.
Portnoy claimed the fear was Penn could lose its gambling licenses over the incident. He didn't provide any proof for the claim in a video explaining why Mintz was fired, but did note all the big dogs went to bat to save Ben Mintz's job.
Ultimately, they just didn't have any sway. You can see the video below, but be warned it contains the slur.
Penn stock nosedives after Ben Mintz was fired.
As of publication on Thursday morning, the stock is down more than 8%. The circle in the graph below is post-Mintz firing. It looks like a drop suited for snowboarders.
PENN Entertainment stock tanks after Ben Mintz was fired. (Credit: Google)
It's also worth noting Portnoy has used the word in the past. That's not to say anything should happen to him (it shouldn't). It just makes the decision to handle Mintz this way that much more bizarre.
Penn Entertainment hit hard.
It's not hard to understand why Barstool fans and PENN stockholders might be furious. The Barstool Brand is built on not bowing to cancel culture.
The moment Ben Mintz made an honest mistake, he was forced out by Penn and fans were fed a line of reasoning about gambling licenses.
Portnoy, to his credit, acknowledged the insanity of the situation and how firing Mintz goes against everything Barstool has stood for since the beginning.
Now, Penn Entertainment is feeling serious pain after the decision to embrace cancel culture.
People are going to look back at his era of canceling people over mistakes and hopefully realize how insane it all was. Ben Mintz made a mistake and had zero ill-intent. Now, he doesn't have a job. Nobody should be surprised this is how the stock is being handled.