Vince McMahon Reaps Huge Rewards: Sold WWE Stock For More Than $400M
The embattled executive still holds nine percent of TKO’s stock.
By selling more than 5 million of his shares in TKO Group Holdings, the company that owns WWE, co-founder Vince McMahon has amassed a huge fortune. McMahon made about $412 million from the deal, according to regulatory documents.
This action was taken soon after McMahon resigned from his position as executive chairman of TKO because the accusations of sexual assault and sex trafficking that were outlined in a lawsuit brought by Janel Grant, a former employee of WWE.
In addition to making other unsettling claims, Grant said McMahon had given her $1 million and an NDA in exchange for her silence. She also claimed McMahon had sexually abused her.
Vince McMahon continues to be a significant shareholder in TKO.
Even after leaving his executive role, McMahon still holds 15 million shares, or 9% of the total outstanding shares of TKO. It is unclear how long McMahon will stay with the company or how the issue will affect TKO’s operations and reputation in light of the current share selloff.
Other claims of sexual assault against Vince McMahon have come to light in addition to Grant’s complaint. One such charge comes from WWE star Ashley Massaro, who sadly committed suicide in 2019.
According to Massaro, McMahon had approached her about having sex, and executives at WWE had covered up her rape allegation on a Kuwaiti army installation.
Every accusation has been refuted by Vince McMahon.
The claims have been sharply refuted by McMahon’s spokeswoman, who described them as “filled with lies” and “a nasty distortion of the truth.” Regarding the latest share transaction and the accusations made against him, Vince McMahon himself has remained silent.
TKO is allegedly the subject of a federal investigation about Grant’s claims, as the organization deals with the aftermath of McMahon’s exit and the controversy that surrounded him. TKO is still in business, and McMahon is still a major shareholder in the company, despite these obstacles.
