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Members of the famous WallStreetBets SubReddit have started snapping up DraftKings stock after renowned short selling firm Hindenburg Research said the organisation had ties to the black market.
On Tuesday, the short seller described DraftKings as a “$21 billion SPAC betting it can hide its black market operations”.
The stock, which has been a strong performer on Wall Street since going public through a merger with a special purpose acquisition company (SPAC) in April 2020, tumbled upon the release of the paper.
Stock of the fantasy sports firm closed 4.2% lower at $48.51 on Tuesday, but tumbled as much as...