Stock Alert: DraftKings Gains 10% As Michael Jordan Takes Stake In Co.

(RTTNews) - Shares of DraftKings Inc. (DKNG) jumped over 10% after the news that basketball legend Michael Jordan will take a stake in the company.

DKNG is currently trading at $40.73, up $3.80 or 10.30%, on the Nasdaq.

DraftKings said Jordan has agreed to take an equity interest in DraftKings in exchange for providing guidance and strategic advice to the board of directors on key business initiatives undertaken by the sports technology and entertainment company that went public earlier this year.

Jordan's status as special advisor to DraftKings' board of directors is effective immediately.