Vince McMahon Sells More Than 2 Million Shares Of WWE Stock
WWE Chairman no longer owns the majority of his company.
Multiple sources are reporting that Vince McMahon, World Wrestling Entertainment's CEO and Chairman, sold 2,191,894 shares of WWE stock on Monday.
The value of those shares amounts to about $39,256,821.
McMahon's sale is notable because those 2,191,894 shares of the company represent approximately 2.88% of its total worth, bringing McMahon's share to 48.8% - less than half. That means that, for the first time since he took WWE over from his father, Vincent James McMahon, the WWE Chairman does not own the majority of his company.
He still has 37,080,747 shares remaining, with a total monetary value of about $664,137,379, or just under two-thirds of a billion dollars.
According to a press release, McMahon undertook this sale for reasons of estate planning, and the stock in question came from his personal trust. Despite the fact that McMahon has been gradually selling his stock over the past 15 years, coming down from a time when he owned about 63% of WWE (as detailed by The Wrestling Observer), the release stated that he has no plans to sell any stock outside his trust.
He is also continuing in his roles as WWE's Chairman and CEO "for the foreseeable future."