DraftKings SPAC Leader Sheds 250,000 Shares in Company
Harry Sloan, a veteran in the entertainment and technology industries, has recently sold a substantial portion of his shares in DraftKings, the popular sports betting and fantasy sports company. According to a Form 4 filing with the Securities and Exchange Commission (SEC), Sloan sold 250,000 shares of DraftKings on November 14, 2024, a move that was worth approximately $10.42 million based on the company's closing price on November 12. This sale has significantly reduced Sloan's stake in the company, although he still retains 316,322 shares. Sloan's involvement with DraftKings goes back to its initial public offering (IPO) in 2020, when he was one of the founders of the blank-check company that executed the reverse merger with DraftKings. He also served as the vice chairman on the gaming company's board. Interestingly, Sloan has been both a buyer and a seller of DraftKings equity. Prior to this sale, he had sold 43,000 shares in early March and 254,354 shares on February 16, 2024. In contrast, he sold 1.1 million shares at a certain undisclosed date, indicating a larger sell-off in the past. Sloan's latest sale comes amidst a challenging period for another mobile gaming and esports provider, Skillz. The company has been a value destroyer over the past several years and is down 18.11% year to date. In addition to his involvement with DraftKings, Sloan and his partners have co-founded seven special purpose acquisition companies (SPACs) since 2011, raising aggregate gross proceeds of over $5 billion. Most recently, they co-founded Silverbox Engaged Merger Corp II, which executed a reverse merger with a mobile gaming and esports provider, enabling the company to become publicly traded. Before his involvement with DraftKings, Sloan was Chairman and CEO of entertainment giant Metro-Goldwyn-Mayer. His diverse career spans across various sectors, making him a seasoned figure in the world of business and entertainment.
Read also:
- Mural at blast site in CDMX commemorates Alicia Matías, sacrificing life for granddaughter's safety
- Comcast Introduces Sports-Oriented Video Bundle in Preparation for the World Cup Tournament
- Is Maruti's reign over the SUV market being challenged by Mahindra's aggressive move to snatch the top spot?
- Social Security Administration Abandons Plan for Electronic Payments: Important Information for Recipients of Benefits
