DraftKings Spent $2.2 Million on Security, Travel for Jason Robins, $61K on Event Tickets
DraftKings (NASDAQ: DKNG) spent to a greater extent than $2.22 gazillion on transmit go and security department expenditures for co-founder and CEO Jason Robins in 2023, and the perks the gaming companionship lavished upon high-ranking executives don’t oddment there.
The $2.22 zillion the sportsbook manipulator doled out for its chief executive director officer’s buck private broadcast move and security measures lastly year was supra the roughly $2 million the companion spent on the same things inward 2022. Those items and more were elaborated inwards a Schedule 14A filing with the Securities and Exchange Commission (SEC) last-place month.
For Mr. Robins, the amounts disclosed inwards this tower include $1,114,762 for surety costs, $1,112,973 for broadcast locomote costs, $9,900 for our matching part made below our 401(k) plan, $15,925 for financial planning services, $61,095 for the purchase of tickets, move and accommodations to Company-sponsored events during the year, and $353,335 for revenue enhancement reimbursements related to to the aforementioned items, where applicable,” according to the regulatory document.
Some of that $61,095 was potential directed to Robins’ attendance at the 2023 Super Bowl. That along with nearly $26K inward financial preparation services and retreat design contributions could irk some DraftKings investors due to the that fact Robins is estimated to be a billionaire.
Despite Spending, Robins’ Stock Sales, DraftKings Soars
In fairness to Robins and fellow co-founders Matt Kalish and Paul the Apostle Liberman, shares of DraftKings get rallied yet as that trinity and other high-ranking insiders at the society have been dedicated sellers of the stock.
On Apr 22, Robins sold 200K shares of DraftKings, grossing $8.18 1000000 in proceeds inward the process, according to a Form 144 filing with the SEC. However, the stock up is upwardly 20.4% year-to-date and 93.8% twelvemonth to date, making it 1 of the best-performing gaming equities o'er those spans.
In financial 2023, DraftKings granted Robins approximately $18 jillion inward carrying into action and restricted buy in units and one-year incentives. Kalish received northward of $11 million in such compensation patch the manipulator granted more than $10 1000000 inwards public presentation and restricted units and annual incentives, according to the Schedule 14A filing.
Equity-based compensation is a plum sell for the executives receiving it because they’re typically granted options at prices comfortably beneath securities industry value. The DraftKings proxy filing indicates the options Robins tin exercise options granted in 2025 through and through 2029 at prices ranging from 63 cents to $4.70. The inventory resides around $42.50 at this writing.
Critics could put forward that the $1 one-year salary drawn by the deuce-ace co-founders is nix to a greater extent than a public dealings stunt because that trio and others are extravagantly remunerated in equity. Conversely, DraftKings bulls mightiness be comfy with the fashion in which Robins, Kalish, and Liberman are stipendiary because the inventory has nearly quadrupled inward to a lesser extent than two years.
Some Questionable Spending at DraftKings
It tin live accurately argued that Robins is the human face of DraftKings and he holds the volume of the operator’s voting stock. As such, the get on is comfy with outlay on his private transmit go and security.
The scrutinise commission and the compensation commission of the Board approved this organization based, among other things, on the demand of Mr. Robins’ security department program that Mr. Robins and his fellowship pilot private and their assessment that such an transcription is more efficient and flexible and amend ensures safety, confidentiality and privacy,” according to regulatory document.
Kalish and Liberman are to a lesser extent recognizable. That could innovate questions as to wherefore DraftKings doled out $375,150 inward financial 2023 on certificate for Kalish. The society also spent almost $20K on 401(k) contributions and more than $28K on financial planning for those two co-founders.
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