Why DraftKings Stock Jumped Today

Shares of DraftKings (NASDAQ: DKNG) rose 8% on Wednesday, following news that National Basketball Association Hall of Famer Michael Jordan had agreed to serve as a special advisor to the online sports-betting platform's board of directors. 

Michael Jordan is one of the biggest personalities in all of sports. The former NBA superstar is also a powerful force in the business of sports, with his billion-dollar partnership with Nike and controlling-ownership interest in the NBA's Charlotte Hornets. Jordan will use his extensive sports and business experience to advise DraftKings' board on strategy, product development, and marketing. In return, he will receive an equity stake in DraftKings.

DraftKings' stock climbed on news of its deal with Michael Jordan. Image source: Getty Images.

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Source Fool.com