Vince McMahon Sells Over $400 Million Worth Of TKO Stock Amid WWE Scandal

(Many of the links in this article redirect to a specific reviewed product. Your purchase of these products through affiliate links helps to generate commission for Splashnewsonline.com, at no extra cost. Learn more)

Vince McMahon, the former executive chairman of TKO, has made headlines once again by selling over $400 million worth of TKO stock. This move comes in the wake of his departure from the company amidst a scandal involving allegations of sexual assault. According to a recent SEC filing, McMahon offloaded 5,350,000 shares, which accounts for approximately 25% of his stock in the company. Despite this significant sell-off, he still retains a substantial stake in both WWE and UFC’s parent company, with around 15 million shares.

The Stock Sale

The SEC filing indicates that the value of the stocks sold amounts to $411.95 million. However, given that the TKO stock price closed at $81.67 per share, the total worth of the shares could be closer to $436 million. This substantial transaction marks the second major stock sell-off for McMahon, following his previous sale of 8,400,000 shares in November, which garnered him around $700 million.

Resignation Amid Allegations

McMahon’s decision to part ways with TKO comes in the aftermath of a lawsuit filed by a former staffer, alleging him of engaging in heinous sexual acts and misconduct. This legal action led to McMahon’s resignation from his role as TKO’s executive chairman, despite maintaining his innocence and vowing to fight the allegations. He expressed that his departure was a gesture of respect towards the WWE Universe.

Legal Battle Ahead

With McMahon’s commitment to clearing his name and refuting the allegations, it is speculated that a portion of the proceeds from the stock sale may be allocated towards legal fees. Despite being out of the public eye since the scandal emerged, McMahon remains resolute in his stance and is prepared to confront the legal battle ahead.