Harry Sloan, a co-founder of the blank-check company that took DraftKings public, recently sold 250,000 shares of the gaming company. This sale was disclosed in a filing with the Securities and Exchange Commission (SEC) on Tuesday. Following this transaction, Sloan now holds 316,322 shares of DraftKings.
While the filing did not specify the exact price at which Sloan sold his shares, based on DraftKings’ closing price on November 12, the value of 250,000 shares would have been approximately $10.42 million at that time. Additionally, Sloan was granted 352 restricted stock units on November 7.
Having previously served as Chairman and CEO of Metro-Goldwyn-Mayer, Sloan played a key role in Diamond Eagle Acquisition Corp., the SPAC that facilitated DraftKings’ reverse merger and subsequent public listing in 2020. Currently, he serves as the vice chairman of DraftKings’ board.
This is not the first time that Sloan has sold shares of DraftKings. In June, he sold 250,000 shares, generating $9.53 million in proceeds. Earlier in the year, he also disposed of 43,000 granted shares and 254,354 shares on different occasions. These transactions have significantly reduced Sloan’s ownership stake in the company over the course of the year.
DraftKings has seen a trend of insider selling among its co-founders and other key figures, including Matthew Kalish, Paul Liberman, and Jason Robins. While insiders have been selling shares, the company announced a $1 billion share repurchase plan earlier this year.
Apart from his involvement with DraftKings, Sloan is well-known in the SPAC space. Over the years, he has co-founded multiple SPACs, raising a total of over $5 billion in gross proceeds with his partners. In addition to DraftKings, Sloan was also involved in the creation of Flying Eagle Acquisition Corp., which merged with Skillz in 2020. Unlike DraftKings, Skillz has underperformed in the public markets, experiencing an 18.11% decline year-to-date.
Sloan’s history in the SPAC sector and his significant role in the success of DraftKings highlight his prominence in the gaming and investment industries. His recent sale of shares underscores the ongoing evolution of ownership and investment strategies within the company.
