In an effort to part ways with the company he has worked for more than 50 years, Vince McMahon, the founder of WWE, is selling the last of his shares in TKO Group Holdings.
TKO, which was established after Endeavor Group Holdings acquired WWE last year, filed a prospectus on Friday afternoon indicating that McMahon may sell up to 8.02 million of the company’s shares, which would be worth more than $776 million at TKO’s closing price of $96.76 on Friday.
Despite the filing’s indication that McMahon is leaving the company, he had previously put all of his TKO shares up for sale in September, the month the company was founded. Subsequently, McMahon sold 5.35 million shares in March, 8.4 million shares in November, and about 3.5 million shares in early April.
WWE President Nick Khan is also mentioned as a sale. The executive has registered to sell what looks to be all of his 234,424 share holdings, which includes restricted stock units that he has accumulated. In the September prospectus, Khan offered the same 234,424 shares for sale. He hasn’t sold any WWE stock as of yet, and he’s still employed by the firm.
The filing in both situations qualifies the shares for sale, but it doesn’t guarantee that they will be. In the corporate world, these filings usually lead to the listed shares being sold soon after.
TKO Group’s spokesman declined to comment.
Following college, McMahon started working for WWE, which was once known as the World Wrestling Federation, in the 1960s. After purchasing the company from his father, he turned it into a dominant force in sports entertainment over the ensuing decades, becoming a millionaire in the process.
When Vince McMahon left WWE?
He left WWE in 2022 following revelations that the organization had paid millions of dollars to settle allegations of sexual misconduct against him. At the end of 2022, he reappointed himself chairman as controlling shareholder in order to facilitate the company’s sale. WWE was acquired by Endeavor Group Holdings, the parent company of the rival UFC, in September of last year, and it was consolidated into TKO, a recently established publicly traded company.
After being accused of sexual coercion and other terrifying activities together with other executives in a sex trafficking case, Vince McMahon was once again forced to quit from his new position as executive chairman of TKO in January.
Prior to his announcement on Friday, McMahon has sold $1.365 billion worth of TKO stock since November. He may sell all of his shares. With a close eye on market valuation, he should be able to earn almost $2 billion in profit on his TKO stock in less than six months.