Chanos Says He's Short DraftKings and DoorDash; Says Losses Are'Completely and Totally Insane' [TheStreet.com]
DraftKings Inc. - Class A (DKNG)
Company Research
Source: TheStreet.com
Iconic stock seller Jim Chanos, founder of Kynikos Associates, said Thursday that he has shorted online sports gambling platform DraftKings ( ) - and delivery company DoorDash ( ) - . “DraftKings has a valuation right now of 30 times runway revenue,” he told CNBC. “You can believe in sports betting... but this business model is flawed.” That’s because of the company’s huge marketing outlays, he said. “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. “That is completely and totally insane.” He said has been short the stock for most of this year. TheStreet Recommends just now 3 minutes ago 6 minutes ago DraftKings recently traded at $31.16, down 0.26%. It has plunged 48% over the past three months amid valuation concerns. As for DoorDash, Cha
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