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WWE founder Vince McMahon plans to sell 5.35 million shares of TKO stock worth $412 million on Monday, according to a regulatory filing, after resigning from TKO’s board amid sex trafficking allegations. It soon became billionaire Vince McMahon’s second stock sale in less than four months.
important facts
Mr. McMahon, TKO’s former executive chairman, plans to sell 5.35 million shares of the company’s stock, which follows the 8.4 million shares he sold last November for about $700 million.
Mr. McMahon, who owned 20.4 million shares of TKO stock last November, will continue to own approximately 15 million shares of the company after the sale.
Monday’s filing further suggests that McMahon may be looking to exit the family business, as he has stepped down from executive positions at WWE and TKO (the parent company of WWE and UFC) following sexual misconduct allegations. It suggests that. That he is denied.
Assuming the sale goes through, Mr. McMahon will have sold about $1.1 billion worth of TKO stock between last year’s sale and this Monday.
Forbes rating
We estimate McMahon’s net worth at $2.7 billion, a number that benefited from WWE’s $21 billion merger with the UFC in 2023.
tangent
TKO stock fell more than 1% to close at $80.58 on Tuesday, continuing its decline since mid-February, when it was trading around $87 per share.
Main background
McMahon resigned as WWE’s chairman and CEO in 2022 amid allegations of a hush money scandal in which he allegedly paid money to cover up an extramarital affair with former WWE employee Janelle Grant. Mr. McMahon returned to the company’s board last year after an internal investigation into his payments was completed and three directors were removed in the process. A few months after the WWE and UFC merger due to TKO, McMahon once again found himself embroiled in controversy. He resigned from TKO’s board in January after Grant accused him of sexual abuse and sex trafficking. Mr. McMahon denied the allegations and said he looked forward to clearing his name.
References
WWE founder Vince McMahon resigns after sex trafficking accusations – here’s a look at the allegations against him (Forbes)
WWE founder Vince McMahon sells $700 million in WWE parent stock (Forbes)
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