DraftKings stock skyrockets after investment disclosure

Business News

DraftKings shares were trading higher on Tuesday, after Bloomberg reported “George Soros wagers on sports betting with DraftKings stake.”

According to the report, Soros has a $66 million stake in DraftKings. Quantum Partners is an investment vehicle managed by Soros Fund Management, which holds 2.7 million DraftKings Class A shares.

DraftKings disclosed the holding in a filing with the Securities and Exchange Commission last week. Other investors include Walt Disney Co, which operates the sports channel EPSN, and the National Hockey League.

Owners of pro-basketball teams are also listed as investors in DraftKings, including Madison Square Garden Entertainment Corp has almost 1.5 million shares. Stephen Pagliuca, co-chairman of Bain Capital and a co-owner of the Boston Celtics, has about 566,000 shares.

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