DraftKings shares surge 16% after Michael Jordan joins betting company as board advisor

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Shares of DraftKings jumped 16% in premarket trading after the company said Michael Jordan is joining the betting company as a special advisor to the board of directors. 

Jordan will have an equity interest in the company as part of the deal.

“Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur,” DraftKings CEO Jason Robins said in a press release. “The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team.”

Jordan is expected to offer DraftKings his expertise on sports company strategy, product development, diversity, equity and belonging, marketing activities and other key initiatives, according to the release.