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DraftKings has officially designated its X account, @DraftKingsNews, as a channel for sharing material company information with investors and the public.
The move places the social media account alongside the company’s traditional disclosure channels, including SEC filings, press releases, investor presentations and its investor relations website.
Investors are now expected to monitor @DraftKingsNews
In practical terms, investors who primarily monitor earnings reports and regulatory filings may now need to pay closer attention to DraftKings’ social media activity.
“In addition to the channels listed above, the company intends to use, and may from time to time use, the social media channel listed below to disclose information about the company, its business, and other matters in order to achieve broad, non-exclusionary distribution of information to the public,” DraftKings said in a company statement, according to Legal Sports Report news.
The company added that information posted through the account “may be deemed material” and advised investors to monitor the channel alongside its other official communications platforms.
The change does not mean DraftKings is replacing press releases or SEC filings with social media. Instead, the company is formally adding X as another approved method for distributing corporate news.
Why public companies are increasingly using social media
Public companies have increasingly turned to social media platforms to communicate with investors, promote earnings calls and announce business developments. The SEC has allowed companies to use social media for investor communications for more than a decade, provided investors are clearly informed about which accounts may be used for material disclosures.
Executives across industries routinely use X, LinkedIn and other platforms to discuss company strategy, product launches and earnings-related updates. For companies with large digital audiences, social media offers a faster and broader distribution channel than traditional corporate communications alone.
For investors, that also means monitoring official company social accounts has become a more important part of following publicly traded companies.
DraftKings continues its digital-first expansion
For DraftKings, the decision aligns with the company’s broader digital-first strategy.
The company has continued expanding beyond traditional sports betting into online casino gaming, lottery products and prediction-based offerings, positioning itself as a wider online gaming and entertainment platform.
Making X an official communications channel fits naturally with DraftKings’ online-focused brand identity and its effort to keep users and investors engaged through digital platforms.
The decision comes after a 2024 SEC settlement
The move also carries added significance because of DraftKings’ recent history with social media disclosures.
In September 2024, the SEC charged DraftKings with violating Regulation FD, which prohibits public companies from selectively disclosing material nonpublic information to certain investors before broadly distributing it to the market. The company agreed to pay a $200,000 civil penalty to settle the matter.
According to the SEC, posts published on CEO Jason Robins’ X and LinkedIn accounts in July 2023 referenced “really strong growth” before DraftKings publicly released its quarterly financial results. The SEC said the company then waited seven days before formally disclosing the information to all investors.
The SEC has repeatedly stated that companies may use social media for material disclosures if investors receive advance notice about which accounts serve as official communication channels.
Against that backdrop, DraftKings’ decision to formally designate @DraftKingsNews as an investor disclosure channel appears aimed at creating clearer guidelines for how material information may be shared going forward.
For investors, the message is straightforward: important DraftKings news may now appear on X as quickly as it appears in a press release or SEC filing.
