DraftKings CEO says people selling his company’s stock will ‘regret that decision more than any other decision you’ve ever made in your life’
CEO Jason Robins vows that people who are selling his company’s stock will “regret that decision.”
Robins wrote this message on Twitter
on Tuesday as DraftKings stock continued its recent slump.
“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,” he tweeted. The post had drawn around 2,000 likes by press time on Wednesday, and was quoted or retweeted about 500 times.
Robins has been dismissive of the slumping stock price of his sports betting and daily fantasy company of late, and opted for a more optimistic long-term approach, instead.
“It’s a wild market right now. I think what we’re doing has been very consistent since day one,” Robins said on CNBC in February. “I think the model’s working, and we’ll play the long game here.”
DraftKings’s trading price has plummeted in recent months, exacerbating a downturn that has now lasted more than a year. DraftKings stock was trading at $17.82 on Wednesday, near its recent 52-week low of $16.56. The stock is down over 43% over the past three months, and down 72.1% over the last 12 months.
In February, DraftKings disclosed that Robins’s total compensation in 2021 was $14.03 million, down from $236.83 million in 2020.
During the company’s latest earnings call, Robins advocated for more states to legalize sports betting, and specifically urged legalization in California, the most populous state in the country.
Robins suggested that the tax revenue that California would receive from legalizing sports betting would directly benefit ‘homelessness and mental health’ in the state. Thirty U.S. states and Washington, D.C. now offer some form of legalized sports wagering, according to the latest tally from the American Gaming Association.