Vince McMahon has reportedly sold 2,191,894 shares of WWE stock this week. According to an SEC document filed on Monday, the WWE Chairman sold the shares for approximately $40 million. Vince’s ownership is currently at 48.8% of the company, the first time he hasn’t had majority shares since 1999.
WWE issued a statement on the sale, saying it was done for personal liquidity and asset diversification purposes and that there aren’t any plans to sell the company. McMahon said he’ll be staying with WWE in his role as Chairman and CEO for the “foreseeable future.”
The company noted that McMahon doesn’t plan on selling any more of his stock after Monday. “The 2,191,894 shares sold by the GRAT represent approximately 6% of the Company’s outstanding shares of Class A common stock,” the company reported. “After the sale, Mr. McMahon beneficially owns 37,080,747 shares of the Company’s Class B common stock, which represents approximately 86% of the Company’s total voting power and approximately 48.8% of the Company’s total outstanding shares of common stock.”
McMahon has worked in the wrestling business since 1969. He purchased the company now known as WWE from his father in 1982, and in October of 1999 they made their initial public offering of company stock.
WWE business writer Brandon Howard, who writes for investment site Seeking Alpha, put the stock sale into context:
Before today, some have speculated that Vince might someday sell the company to NBCUniversal. No idea if this makes that any more feasible.
— Brandon Thurston (@BrandonThurston) May 16, 2016
Best I can count, here's the breakdown of $WWE ownership after Vince sold over 2 million shares (2.8% of WWE) today. pic.twitter.com/6X0ZcbERTm
— Brandon Thurston (@BrandonThurston) May 17, 2016
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