Short-Seller Jim Chanos Is Betting Against DraftKings: Is It Time to Sell the Stock?
Legendary short-seller Jim Chanos has revealed that he is short shares of DraftKings (NASDAQ: DKNG). Note, shorting a stock means you are betting that its shares will go down in value. In other words, you make money when the stock price falls.
Chanos cites DraftKings' aggressive spending on marketing and the stock's rich valuation as the main reasons he is short the stock. Is he right? Let's dig into the facts and determine if investors should follow Chanos' lead and sell DraftKings stock.
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Source Fool.com
