DraftKings CEO: People who sell his company’s stock will ‘regret’ the decision

DraftKings Inc. DKNG,
+2.56%
CEO Jason Robins vowed that people who sell his company’s stock “will regret that decision.”

Robins wrote this message on Twitter TWTR,
+4.48%
on Tuesday, as DraftKings stock continued its recent plunge.

“If you sold #DKNG today, know that my team and I are on a mission to make you regret this decision more than any decision you’ve ever made in your life,” he tweeted. The post had around 2,000 likes at press time on Wednesday and was quoted or retweeted around 500 times.

Robins has dismissed his sports betting and daily fantasy company’s plummeting share price of late, opting instead for a more optimistic long-term approach.

Also Read: Here’s How Sports Betting Stocks Like DraftKings and Caesars Performed in February

“Right now it’s a wild market. I think what we do has been very consistent since day one.” Robins said on CNBC in February. “I think the model works and we’re going to play the long game here.”

DraftKings trading price has plummeted over the past few months, compounding a downturn that has now lasted for more than a year. DraftKings stock traded at $17.82 on Wednesday, close to its recent 52-week low of $16.56. The stock is down over 43% over the last three months and 72.1% over the last 12 months.

In February, DraftKings announced that Robins’ total compensation for 2021 was $14.03 million, compared to $236.83 million for 2020.

Also Read: NFL Player Calvin Ridley Wagers $1,500 on NFL Games – Suspended and May Lose $11M in Salary

During the company’s recent earnings call, Robins advocated for more states to legalize sports betting, specifically calling for legalization in California, the country’s most populous state.

Robins suggested that the tax revenue California would receive from legalizing sports betting would directly benefit “homelessness and mental health” in the state. Thirty US states and Washington, DC now offer some form of legalized sports betting, according to the latest tally American Gaming Association.

https://www.marketwatch.com/story/draftkings-ceo-says-people-selling-his-companys-stock-will-regret-that-decision-more-than-any-other-decision-youve-ever-made-in-your-life-11646848778?rss=1&siteid=rss DraftKings CEO: People who sell his company’s stock will ‘regret’ the decision

Brian Lowry

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