According to an SEC filing, Vince McMahon, the iconic figure behind WWE, is set to pocket a staggering $311 million from two separate stock sales in TKO Group Holdings.
The merger of WWE and the UFC birthed TKO Group Holdings, and now, McMahon’s shares are in high demand. Endeavor has inked a deal to acquire 1,642,970 shares of McMahon’s Class A common stock for a hefty $146.2 million. Additionally, TKO will purchase 1,853,724 shares of his common stock, totaling $165 million.
This isn’t McMahon’s first rodeo in the stock market game. Variety’s Todd Spangler highlighted that McMahon has already pocketed around $1.5 billion from previous TKO stock sales.
However, McMahon’s exit from TKO hasn’t been without its share of controversies. The 78-year-old, who played a pivotal role in the merger, resigned as TKO’s executive chairman in January. This decision followed allegations of sexual abuse and sex trafficking levied against him by a former WWE employee, which are reportedly under federal investigation.
Vince McMahon sex trafficking lawsuit
The legal saga deepened when a lawyer representing former WWE executive John Laurinaitis, also named in the lawsuit, insisted that his client was a victim, not a predator. The attorney, Edward Brennan, claimed McMahon wielded significant influence over Laurinaitis, including imposing “dictatorial sexual demands with repercussions if not met.”
As the storm brewed, reports emerged that TKO CEO Ari Emanuel and President/COO Mark Shapiro had urged McMahon to step down in late January. This marked a significant turn of events for McMahon, who had previously navigated controversy within WWE before announcing his retirement as chairman and CEO in 2022 amid reports of nondisclosure agreements used to settle allegations of sexual misconduct.
Despite the tumultuous journey, McMahon returned to oversee WWE’s sale and remained on board through the merger until his eventual resignation in January. As the dust settles on this chapter of McMahon’s storied career, the wrestling world watches with bated breath to see what the future holds for the titan of sports entertainment.