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Why DraftKings Stock Plunged Today
Shares of DraftKings (NASDAQ: DKNG) fell 9.4% on Friday after noted short-seller Jim Chanos said he was betting against the sports betting company. “If you quadrupled DraftKings’ revenue and gross profit … and take their marketing spending, which is currently over 100% of revenue, to 10% of revenue, which is their target, and you keep overhead at today’s level … DraftKings would still be losing $200 million a quarter,” Chanos said. It should be noted, however, that DraftKings CEO Jason Robins vehemently disagrees with that view.