DraftKings shares pop after Michael Jordan joins the betting company as a board advisor.
Charlotte Hornets owner Michael Jordan responds to a question during a 2014 news conference at Time Warner Cable Arena in Charlotte, N.C.jumped 7% on Wednesday after the company said Michael Jordan is joining the betting company as a special advisor to the board of directors.
"While the immediate financial impact is hard to measure, we see this development benefiting [DraftKings] by associating its brand with the US most revered living athlete," wrote Jed Kelly, an analyst at Oppenheimer. "Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur," 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."
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