DraftKings executives are selling nearly $80 million worth of stock

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A handful of high-level executives with Kings ProjectThe leading American company in the field of games and entertainment, It sold nearly $80 million worth of company stock During the past three weeks. Details regarding Form 144 filings The company disclosed that the stock dumping began on January 22, 2024, while the most recent Form 144 reports were filed on February 8, 2024.

The confirmed sale of the company’s shares comes ahead of the planned launch of DraftKings Results for the fourth quarter and full year 2023. Towards the end of January, the leading gaming and betting company revealed that its latest financial report would be released on February 15, 2024while scheduling a conference call February 16, 2024.

Three executives were sold Approximately $78.8 million in DraftKings shares. The list includes Jason RobbinsCEO of the company, Paul Liebermanco-founder of DraftKings, as well Stanton DodgeHe currently holds the position of General Counsel.

According to recent Form 144 filings, Robins sold 200,000 shares worth approx $7.61 million. In a separate filing, the CEO unloaded another 450,000 shares of DraftKings stock for a total market value of $19.3 million.

In return, Lieberman sold 510,000 worth of company shares $20.4 million.

Dodge, similar to Robbins, had two separate Form 144 filings. He disposed of approximately 52,777 shares worth 2 million dollars. Separately, Dodge sold 686,101 shares worth of shares for a total market value of $29.4 million.

Selling stock is not uncommon for high-level executives

Financial industry analysts might expect that selling stocks before financial reports is a warning sign or at least worrisome. However, there is There are no factors indicating any negative effect.

It is not uncommon for top executives to sell stocks when they want to Access to cash. In addition to the annual salary, Robbins, Lieberman and Dodge receive compensation in… A form of property rights. That’s why such executives can Selling part of the accumulated shares.

DraftKings was founded in 2012 by Robbins, Lieberman, and… Kalish died. The latest filings did not include Kalish or the company’s CFO. Jason Park.

While Form 144 includes details regarding a shareholder’s outstanding shares, number of shares sold, and total market value, it… The reason for the sale is not revealed.

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