How Much Will DraftKings Grow Now That Michael Jordan Is An Advisor?

By on September 2, 2020 in ArticlesSports News

As one of the few billionaires in the world, Michael Jordan has a lot of eyes watching his every move. When he takes action, people notice. Nike and Jordan Brand have been dominating the shoe game for decades. The Last Dance was a hugely successful docuseries this spring. And Jordan's latest move is causing waves, too.

Betting company DraftKings announced Jordan is joining the team. He'll serve as a special advisor to the board of directors. Jordan will receive equity interest as part of the deal, though its unknown what his stake is worth.

According to a press release issued by DraftKings, Jordan is expected to offer strategic and creative input on company strategy, product development, inclusion, equity and belonging, marketing activities and other key initiatives.

FRANCK FIFE/AFP via Getty Images

After the announcement, shares of DraftKings rose eight percent. Jordan's arrival will likely help the company continue to have success in the stock market. The company has already seen an increase of more than 240% throughout 2020.

"Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur," Jason Robins, DraftKings co-founder and CEO, said in the 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 went public and closed its merger with Diamond Eagle on April 24. At that time, the company was worth about $780 million. Today? It's worth more than $13 billion. A lot can change in five months!

All that success comes amid the COVID-19 pandemic, which has affected both professional and collegiate sports leagues. DraftKings has had to contend with things like the NCAA Tournament being canceled and the postponement of the NBA, NHL, and MLB seasons.

DraftKings stock continued to rise in after-hours trading, too. With the NFL season right around the corner and now Jordan onboard, the sky seems to be the limit for the betting company.

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