Vince McMahon, who resigned as executive chairman of TKO Group Holdings in January, is planning to sell more than $400 million worth of stock in the company, which accounts for about a quarter of his remaining holdings.
Vince McMahon’s making some big moves. He’s stepped down from his executive chairman role at TKO Group Holdings. Now, he’s offloading a hefty chunk of his stock in the company. We’re talking over $400 million worth.
This info comes from a public filing with the Securities and Exchange Commission. McMahon’s planning to sell 5.35 million shares. At the current price, that’s about $411.95 million. It’s a big slice of his remaining holdings, about a quarter.
This isn’t the first time he’s done this. He sold $700 million worth of TKO stock last November. That was around 25% of his original shares.
The paperwork’s been filed, but nothing’s set in stone yet. The final sale price could shift, depending on the stock’s value. As of Monday’s close, TKO stock was at $81.67 per share. That’s up from the $77 per share listed in McMahon’s filing.
This latest sale comes after McMahon left the company. A lawsuit was filed against him by a former WWE employee. She alleged sexual assault, sex trafficking, and other abuses. McMahon’s denied these claims. But, he resigned “out of respect” for WWE, TKO, and their shareholders.
McMahon’s no longer with the business, but he’s still a major shareholder. Endeavor, TKO’s parent company, bought WWE this past April. They now have a 51% controlling interest. Ari Emanuel’s the new CEO.
WWE and UFC have merged under this new company. The value? Over $21 billion.
TKO’s president, Mark Shapiro, spoke about McMahon selling more stock just a few days ago. He said, “He’ll do whatever he’s going to do, and we’re all on the sideline.” They’re in the dark about his plans. They’ll find out just like the rest of us.
It seems McMahon’s made his decision with this latest filing. He’s selling off over $400 million more of his shares in TKO.
Emanuel and Endeavor bought over $100 million of the stock McMahon sold previously. Will they do the same with this sale? No word yet.