Michael Jordan has taken a stake in fantasy sports giant DraftKings and is becoming a special adviser to its board

• Michael Jordan has taken an equity stake in fantasy sports giant DraftKings in exchange for becoming a special advisor to the company's board of directors.
• "The strategic counsel and business acumen Michael brings to our board is invaluable," DraftKings CEO Jason Robins said in a statement.
• After the announcement on Wednesday, DraftKings' shares rose by as much as 12%.

Michael Jordan has taken an equity stake in fantasy sports giant DraftKings in exchange for becoming a special advisor to the company's board of directors.

According to an official statement from DraftKings, the six-time NBA champion will provide strategic and creative input to the board in areas such as company strategy, product development, and diversity.

"Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur," said Jason Robins, DraftKings co-founder and CEO.

"The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team."

The size of Jordan's equity stake in DraftKings is unknown, however his role on as an advisor to the board is "effective immediately."

After the announcement on Wednesday, DraftKings' shares rose by as much as 12%.

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