8 months ago
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WWE
Earlier this year, Vince McMahon resigned from TKO Group Holdings (parent company of WWE) after ex-WWE employee Janel Grant filed a 67-page lawsuit accusing him, John Laurnaitis, and the Stamford, Connecticut-based promotion of sex trafficking and sexual abuse. Now, according to a recent SEC filing highlighted by Wrestlenomic's Brandon Thurston on X, McMahon has sold 5,350,000 TKO shares, which have a value of $412 million. According to Thurston, the 78-year-old still has 15 million shares following the transaction, which is around 9% of TKO stock.
Last November, two months after WWE and UFC officially merged under the TKO banner, McMahon sold 8,400,000 TKO shares, for which the former WWE Chairman collected $642 million after fees. It means that McMahon has cashed out more than $1 billion recently, with this month's and last November's transactions being brokered by Morgan Stanley. In a further update provided by Thurston this morning on X, TKO also paid a special dividend to McMahon following the completion of the WWE-UFC merger, which totaled $111 million.
As things stand, federal prosecutors are actively investigating McMahon following a slew of sexual misconduct allegations. In summer 2022, McMahon resigned as WWE Chairman after it emerged that he'd paid several million dollars in hush money payments to cover up his alleged abuse. McMahon, who forced his way back onto the WWE board as Executive Chairman in January 2023, was later served a search warrant and a grand jury subpoena for documents relating to the accusations made against him. Despite the growing list of allegations, McMahon has vehemently denied them and vowed to clear his name.
