DraftKings stock surges after Michael Jordan joins as special advisor

Betting company DraftKings Inc (DKNG.US) announced on Wednesday that legendary basketball player Michael Jordan will join its board as a special advisor in exchange for undisclosed equity stake in the company.

Jordan is expected to offer DraftKings his expertise on sports company strategy, product development, diversity, equity and belonging, marketing activities and other key initiatives, according to the company's statement.

“Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur,” CEO Jason Robins said in a press release. “The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team.”

DraftKings Inc (DKNG.US) stock jumped 16% to in premarket trading however price pulled back after the US open and is currently testing the $40.00 support level. If sellers managed to break below it, then the nearest support for buyers lies at the upward trendline. On the other hand, if bulls will manage to regain control, then the nearest resistance lies at $44.82 level. Source: xStation5

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DraftKings stock surges after Michael Jordan joins as special advisor

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