CNN BUSINESS | DraftKings shares soar after Michael Jordan becomes an investor and adviser

New York (CNN Business) – Hall-of-Fame basketball legend Michael Jordan will be an investor and special adviser to the board of sports-betting company DraftKings, the company announced Wednesday.

The deal sent shares of DraftKings roughly 6% higher in early trading. Jordan will take an undisclosed equity stake in exchange for “providing guidance and strategic advice,” the company said in a statement.

The Charlotte Hornets chairman and former Bulls player will also inform DraftKings’ board on strategy, product development and inclusion initiatives.  —more—