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Michael Jordan acquires equity stake in DraftKings

Michael Jordan has joined daily fantasy sports company DraftKings as an advisor, and the stock is up 4% on Wednesday.

NBA legend Michael Jordan has gotten some stakes in DraftKings, one of the biggest sports betting forums.

The 57-year-old will be joining the board of DraftKings as a special advisor to the betting company.

Clutchpoints reports that Jordan will perform his role in return for an equity stake in the company.

In a statement, the betting firm said he will “provide strategic and creative input to the board of directors on company strategy, product development, inclusion, equity and belonging, marketing activities and other key initiatives.”

MJ is currently the owner of NBA side Charlotte Hornets, but is seen as a valuable addition to the DraftKings board.

The CEO of Draftkings, Jason Robins, expressed his happiness with Jordan joining the fast-growing betting company.

He said the Chicago Bulls icon “is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur.

“The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team,” Robins added.

DraftKings have seen their stock rise to more than 100% since going public earlier in April this year.

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