On Wednesday, DraftKings, announced that former Chicago Bulls basketball player and NBA Hall of Fame inductee Michael Jordan, will be joining the fantasy sports firm as an equity investor and an advisor to the board of directors. The equity stake that DraftKings sold to Jordan was undisclosed.
The announcement caused a spike in the company's shares on Wednesday. DraftKings rose as much as 12% and was up 3.9% to $38.35. The rise in shares added about $500 million to the company’s market value.
A day after the announcement of Jordan's investment in the company, DraftKings also announced an exclusive partnership with baseball team, the Chicago Cubs, becoming the team’s official daily fantasy and sports betting partner.
Sport Legend Joining A Sport Platform
Jordan is the chairman ...