Sports betting operator DraftKings has welcomed basketball legend Michael Jordan as a special advisor and owner of an undisclosed equity stake in the company.

On Wednesday, DraftKings announced that Jordan had “agreed to take an equity interest in DraftKings in exchange for providing guidance and strategic advice to the board of directors on key business initiatives.” Jordan will provide direction on “company strategy, product development, inclusion, equity and belonging, marketing activities and other key initiatives.”

DraftKings’ share price shot up around 15% in the immediate aftermath of the company’s announcement but sanity has since been restored and the shares are currently trading up less than 4% from Tuesday’s close.

DraftKings CEO Jason Robins hailed Jordan as “among the most important figures in sports and culture,” and said the NBA Hall of Famer would bring “invaluable” knowledge to the table. Jordan has yet to publicly comment on the announcement.