DraftKings Co-Founders Offload over $10 Million in Company Shares
Over the last few days, DraftKings co-founders Paul Liberman and Jason Robins have collectively sold shares valued at more than $10 million.
DraftKings co-founders sell over $10m in company shares.
LISTEN TO THIS ARTICLE:Paul Liberman, DraftKings’ president of global tech and product, sold 78,466 shares on Monday for roughly $3.15 million. The shares were sold across multiple transactions, each at varying prices and the sale took place under a pre-established 10b5-1 trading plan. After these sales, Liberman acquired 88,441 shares of Class A common stock at the cost of $0.63 per share, totalling $55,717 in value.
Significant Trading by DraftKings CEO
Shortly before Liberman’s transactions, CEO Jason Robins offloaded 183,461 shares, generating $6.45 million. On the same day, Robins also sold another 16,539 shares for over $593,000. These transactions brought in more than $7 million in total.
Additionally, Robins sold 2,828 shares for roughly $100,000, according to the filing. Like Liberman, Robins purchased Class A common stock, buying 200,000 shares at $0.63 per share, with a total investment of $126,000.
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Previous Insider Trading Activity
Robins has a history of insider trading activity. Previous filings indicate that the DraftKings CEO sold 20,000 shares for $6.14 million on August 8. In May, he sold another 20,000 shares, this time for $8.78 million. Most of these insider sales are conducted through automated trading plans.
Even with these sales, both Liberman and Robins maintain substantial stakes in DraftKings. Furthermore, DraftKings isn’t the only gambling company with leadership selling shares. Recently, there was similar activity at Rush Street Interactive.
These recent sales by Liberman and Robins follow the launch of DraftKings’ first share buyback program a few weeks ago. They also come after a temporary dip in the company’s share price, which was influenced by discussions about a potential surcharge that ultimately proved unpopular, affecting DraftKings’ stock performance.
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