According to a statement from TKO on Thursday, Vince McMahon intends to sell a sizable portion of his ownership in the wrestling conglomerate WWE, which he founded with help from his father.
Nick Khan is now the current president of WWE and has been since July 25th, 2022.
Thursday’s closing bell saw a 5% decline in TKO’s shares. During normal trading, the shares closed at $84.90.
According to reports, about $700 million worth of McMahon’s shares are set to be sold. As per a regulatory filing, as of August, he possessed about 28 million shares. The corporation also made mention of a number of executives who are considering purchasing shares from McMahon.
Forbes estimated that the veteran wrestling mogul’s worth is around $2.8 billion.
The newest decision could also be a sign that McMahon, 78, possibly intends to exit the professional wrestling business. For about 40 years, the family firm has dominated the industry and helped jumpstart the careers of several crossover stars, including Dwayne “The Rock” Johnson and John Cena.
TKO, which was formed earlier this year by the merger of WWE and UFC, is mostly controlled by Endeavor Group, the media and entertainment agency led by Ari Emanuel. McMahon is TKO’s executive chairman.
WWE representatives said in August that McMahon had received a subpoena from a federal grand jury concerning claims that he had allegedly paid millions of dollars in “hush money” to women who had accused him of sexual misconduct. However, McMahon stuck to his guns by adamantly denying the allegations.
“I have always denied any intentional wrongdoing and continue to do so,” McMahon asserted at the time.
Additionally, following a spinal surgery in July, he took a medical leave of absence.
Endeavor is now reportedly looking for strategic alternatives. Since going public in 2021, its market value has fallen short of projections. Additionally, the investment firm Silver Lake, Endeavor’s largest stakeholder, stated that it may take the business private.