Dodge R. Stanton, Chief Legal Officer of DraftKings recently sold a significant portion of his holdings in the company.

The sports betting giant, currently valued at $21.8 billion, has seen its stock display significant volatility lately, with a 14% decline in the past week despite a strong 22% gain over the last six months. According to a recent SEC filing, Stanton sold a total of 164,473 shares of DraftKings Class A Common Stock over several transactions on February 21, 2025.

The shares were sold at prices ranging from $45.90 to $48.99, amounting to a total value of approximately $7.7 million. InvestingPro analysis shows the company is expected to achieve profitability this year, with analysts projecting strong sales growth.

The transactions were part of a pre-arranged plan to cover tax obligations linked to the vesting of restricted stock units (RSUs). These RSUs were originally granted under DraftKings’ 2020 Incentive Award Plan and vested upon achieving specific performance goals.

Following these sales, Stanton retains ownership of 749,998 shares of DraftKings stock. Additionally, on February 22, 2025, Stanton acquired 2,446 shares through the vesting of RSUs, but 1,071 of these shares were withheld by DraftKings to cover tax obligations.