Not long after resigning from his role as the executive chairman of TKO Group Holdings, Vince McMahon is selling more than $400 million worth of stock that he still holds in the company.
According to a report from MMA Fighting, McMahon filed to sell 5.35 million shares worth an estimated $411.95 million of TKO stock. It amounts to a quarter of his remaining holdings in the company after he unloaded another $700 million worth of stock in November.
McMahon’s latest sale of TKO stock comes after the disgraced WWE founder left the company following a lawsuit filed against him by a former employee who alleges that McMahon sexually assaulted her and trafficked her to other employees within the company. McMahon has vehemently denied the allegations but opted to tender his resignation “out of respect” to WWE, TKO, and the shareholders.
NEW FILING: Vince McMahon sells 5,350,000 TKO shares, a value of $412 million.
After the transaction, he has about 15 million shares, or about 9% of all TKO stock. pic.twitter.com/SropbXk5Dg
— Brandon Thurston (@BrandonThurston) March 5, 2024
Vince McMahon bought the WWE (then WWF) from his father in 1982 for an estimated $1 million. Over the next 40 years, McMahon would turn the company into a pro wrestling empire said to be worth a staggering $9.589 billion. In April, WWE was sold to Endeavor, the parent company to TKO Group Holdings, merging it with the UFC and installing Ari Emanuel as CEO.
As for McMahon selling off more stock in the company, TKO president Mark Shapiro discussed the possibility during a quarterly financial call days ago.
“He’ll do whatever he’s going to do, and we’re all on the sideline,” Shapiro said of McMahon. “We’ll have a look, we’ll see. We have no idea on timing. We’re not having any discussion with him. He’s given us no point of view on his motive or his plans to sell or not sell, or if he does, how much. So, we’re going to wait around and find out just like you.”
Emanuel and Endeavor previously purchased more than $100 million worth of the stock that McMahon had sold, but it is unclear if a similar deal will be struck.
