Here's Why Skillz Stock Soared Today
Shares of esports company Skillz (NYSE: SKLZ) skyrocketed on Tuesday after a popular ETF revealed a brand-new position in the company. It's a big vote of confidence for the newly public company and helps it gain better visibility among retail investors. As of 12:15 p.m. EST, Skillz stock was up 13%.
Skillz recently went public via a special-purpose acquisition company (SPAC) called Flying Eagle Acquisition Corporation. The company began trading under its new ticker in mid-December, so this is a new business not many investors are aware of. While it has not yet come to Wall Street's notice in a very big way, the company is definitely on the radars of gamers. Consider that Skillz hosts 2 billion tournaments annually, and users spend more minutes per day on Skillz's platform than users of TikTok, Facebook, or YouTube spend on those platforms, according to an investor presentation from Skillz.
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Source Fool.com
