Vince McMahon has put his remaining shares in WWE up for sale.
In the latest SEC filing on March 12th, McMahon has listed 8,021,405 shares available for purchase, which is all of his remaining shares of the company. If all 8 million shares are sold, McMahon will have literally no control of the company he purchased back in the 80s and made into the global brand it is today. Additionally, Nick Khan (234,424) and Steven Koonin (3508) have also listed shares available to purchase, but nowhere near the level of what McMahon is offering. With the current share price being approximately $98, McMahon would earn in excess of $786 million if all shares were sold at the current price.
It should be noted that the shares have not been sold as has been the case with previous reports about McMahon’s reduction in WWE stock. Instead, this method will allow the negotiation of sales to the public and could get a better price as there is less administrative friction. Additionally, as McMahon’s shares account for under 5% of the company’s stock, the sales do not have to be reported publicly, as has been noted by Brandon Thurston.
Although McMahon has put up all of his shares for sale, there are no guarantees that all 8 million will be purchased as this is not the same as previous bulk sales of stock that have earned Vince McMahon more than $1 billion.
Vince McMahon Remains Under Investigation
On January 25th, former WWE employee Janel Grant filed a lawsuit that accused Vince McMahon of multiple instances of sexual misconduct along with allegations of sex trafficking. Following pressure from sponsors withdrawing, McMahon resigned while still denying the disturbing allegations. Following on from his resignation, TKO Holdings did everything possible to erase McMahon from the company, wiping all profiles from corporate pages. McMahon’s significant share of stock was questioned in quarterly meetings after the allegations became public, especially as the company has been trying to distance itself from the disgraced former Chairman as much as possible.
Over WrestleMania weekend, WWE made it very clear that this was a new era and they were trying to put the McMahon scandal behind them as multiple wrestlers and even members of McMahon’s family stated that things had changed for good.
Featured image: WWE
