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Vince McMahon, who stepped down as executive chairman of TKO Group Holdings in January, plans to sell more than $400 million in stock in the company.
According to a public filing with the Securities and Exchange Commission, Mr. McMahon has filed to sell 5.35 million shares of TKO stock, currently valued at $411.95 million, about a quarter of his remaining stake in the company. It accounts for 1 of The move follows McMahon’s sale of $700 million worth of TKO stock in November, which represented about 25% of the company’s original stake.
Filings indicate that Mr. McMahon intends to sell his shares, but this means nothing has been finalized yet, so the actual price he will receive from the sale is Subject to change based on current stock price. As of Monday’s close, TKO stock was trading at $81.67 per share, up from the $77 per share listed in McMahon’s sale filing.
The latest sale of TKO stock comes after McMahon left the company following a lawsuit filed against him by a former WWE employee alleging sexual assault, sex trafficking and other abuse. Ta. McMahon has maintained his innocence in the case, but ultimately offered his resignation “out of respect” to WWE, TKO, and the company’s other shareholders.
Although Mr. McMahon is no longer associated with the business, he remains one of the company’s largest shareholders. Endeavor, the parent company of TKO Group Holdings, acquired WWE in April, with Ari Emanuel taking over as CEO and retaining 51 percent control of the company.
WWE then merged with UFC to form a new company valued at over $21 billion.
As for Mr. McMahon selling more of his company’s stock, TKO President Mark Shapiro mentioned the possibility during a quarterly earnings conference a few days ago.
“He’s going to do whatever he’s going to do. We’re all on the sidelines,” Shapiro said of McMahon. “Let’s see, let’s see. We have no idea about the timing. We haven’t had any discussions with him. He doesn’t know the motive, if he’s going to sell or not, if he’s going to sell, how much. You haven’t given us any insight into what you plan to do. So, like you, we’ll wait and see what happens.”
McMahon’s latest filing appears to confirm his decision to sell more than $400 million in additional TKO Group Holdings stock.
Mr. Emanuel and Mr. Endeavor previously purchased more than $100 million in stock sold by Mr. McMahon, and it has not yet been announced whether this sale will be a similar deal.
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