{"id":28101,"date":"2020-10-06T07:35:24","date_gmt":"2020-10-06T15:35:24","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=28101"},"modified":"2020-10-09T06:34:55","modified_gmt":"2020-10-09T14:34:55","slug":"kraft-cashes-out-foxwoods-is-tops","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/kraft-cashes-out-foxwoods-is-tops\/","title":{"rendered":"Kraft cashes out; Foxwoods is tops"},"content":{"rendered":"\n
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Since its IPO, DraftKings<\/strong> stock has rocketed 264% upward. That has prompted some profit-taking on the part of both DraftKings itself and New England Patriots<\/strong> owner Robert Kraft<\/strong>. (Maybe Kraft’s windfall will soften the pain of last night’s drubbing at the hands of the Kansas City Chiefs<\/strong>.) DraftKings is unloading 16 million shares while Kraft is among a group of investors selling another 16 million. (The stock currently trades at $60\/share.) While the selloff depressed share prices by three dollars, it will be a nice pay packet for DraftKings, which only said the money would go to “general corporate purposes<\/a>.” <\/p>\n\n\n\n

As for the individual sellers, Kraft isn’t even the biggest one. That’d be Israeli billionaire Shalom Meckenzie<\/strong>, who’s putting a whopping 8.5 million shares on the market. He stands to make a half-billion dollars but will still retain a strong position within DKNG. Reports Bloomberg<\/em>, “The company\u2019s offerings have prompted sell-side analysts to leapfrog one another, slapping on fresh price targets that are each higher than the one before.” Meanwhile, rival FanDuel<\/strong> is fighting back with heavy ad buys, including the only good sports-betting commercial we’ve seen:<\/p>\n\n\n\n\n\n\n\n