Harry Sloan, a founder of the SPAC that took DraftKings public, sold 250,000 shares of the gaming company on November 12, according to an SEC Form 4 filing. After the sale, Sloan retains ownership of 316,322 shares. Based on DraftKings' closing price of $41.71 that day, the transaction was worth approximately $10.42 million.

This isn't Sloan's first significant sale of DraftKings stock in 2024. Earlier transactions include:

• June 14: Sold 250,000 shares for $9.53 million
• March: Disposed of 43,000 granted shares
• February 16: Sold 254,354 shares

Sloan, who serves as DraftKings' vice chairman and formerly led Metro-Goldwyn-Mayer, has reduced his holdings substantially from 1.1 million shares in February 2024. His selling pattern aligns with other company insiders, including co-founders Matthew Kalish, Paul Liberman, and Jason Robins.

Beyond DraftKings, Sloan has extensive SPAC experience, having co-founded seven special purpose acquisition companies with partners Jeff Sagansky and Eli Baker, raising over $5 billion collectively. He was also involved with Flying Eagle Acquisition Corp., which took Skillz (NYSE: SKLZ) public in 2020.

While DraftKings has performed well as a de-SPAC company, Skillz has struggled, declining 18.11% year to date.

DraftKings recently announced a $1 billion share repurchase program to offset the consistent insider selling activity.

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