Vince McMahon, the former executive chairman of TKO, has made headlines once again as he sold over $400 million worth of TKO stock amidst the ongoing scandal involving sexual assault allegations. This move comes just over a month after McMahon’s resignation from his role as TKO’s executive chairman in response to a lawsuit filed by a former staffer.
Key Takeaway
Vince McMahon, amidst the scandal and legal battles, has sold over $400 million worth of TKO stock, further impacting his association with the company and raising questions about the future trajectory of his involvement in the ongoing controversy.
The Stock Sale
According to a recent SEC filing, McMahon sold 5,350,000 shares of TKO stock, which accounts for approximately 25% of his total stock holdings in the company. Despite the sale, he still retains a significant stake in both WWE and UFC’s parent company, with approximately 15 million shares remaining.
The SEC filing values the sold stocks at $411.95 million, but based on the closing price of TKO stock at $81.67 per share, the total worth of the sold shares could be closer to $436 million.
Background of the Scandal
McMahon’s decision to step down from his executive role at TKO came in the wake of a lawsuit filed by a former staffer, alleging him of engaging in heinous sexual acts and misconduct. Despite maintaining his innocence, McMahon chose to resign “out of respect for the WWE Universe.”
Previous Stock Sale and Future Plans
This recent stock sale is not the first for McMahon, as he previously sold 8,400,000 shares back in November, resulting in a substantial net gain of around $700 million. With ongoing legal battles ahead, it is speculated that a portion of McMahon’s recent stock sale proceeds may be allocated towards legal fees as he continues to vehemently deny the allegations brought forth by Janel Grant.
