The stock of sports betting and daily fantasy sports provider DraftKings continued its free fall this week, prompting its CEO Jason Robins to speak out publicly about the issue. Robins addressed the plummeting stock on Twitter, writing that the investors who sold their DKNG stock will “regret that decision.”
“If you sold #DKNG today, just be aware that my team and I are on a mission to make you regret that decision more than any other decision you’ve ever made in your life,” Robins tweeted.
Robins feeling the need to address the issue speaks volumes about the state of DKNG stock, which saw a -74.34% drop this past year. It is currently trading at $17.78 and dangerously closing in on the previous 52-week low of $16.56.
Robins’ tweet has caused quite an attention on Twitter, drawing more than 500 retweets and 800 comments. This included quite a lot of criticism, with some users pointing out his own decision to sell in late 2021. A filing made by DraftKings showed that Robins had 3,707,860 shares in March 2021 while reporting 3,344,111 shares at the end of the year.
The main reason for the volatility of DKNG stock is doubt in the company’s profitability. In addition, the investors are still not convinced about the long-term outlook, with the caution amplified by the lack of insider buying.
