Vince McMahon, who resigned from his role as executive chairman over TKO Group Holdings in January, is selling off more than $400 million worth of stock that he holds in the company.
According to a public filing made to the Securities and Exchange Commission, McMahon filed to sell 5.35 million shares — currently worth $411.95 million — of TKO stock, which accounts for about a quarter of his remaining holdings in the company. The move comes after McMahon previously sold off $700 million worth of stock in TKO this past November, which was around 25 percent of his original shares in the company.
The paperwork filed shows that McMahon intends to sell the shares, which means nothing has been finalized just yet, so the actual price he’ll receive from the sale could change based on the current price of the stock. As of closing on Monday, TKO stock was trading at $81.67 per share, which is up from the $77 per share listed in McMahon’s filing for the sale.
The latest sale of TKO stock comes after McMahon left the company following a lawsuit filed against him by a former WWE employee alleging sexual assault, sex trafficking, and other abuses she suffered working for him. McMahon has maintained his innocence regarding the lawsuit, but he ultimately tendered his resignation “out of respect” to the WWE, TKO, and the other shareholders in the company.
While McMahon is no longer associated with the business, he still stands as one of the largest shareholders in the company. Endeavor, the parent company to TKO Group Holdings, acquired WWE this past April and maintains a 51-percent controlling interest over the company, with Ari Emanuel installed as CEO.
WWE was then merged with UFC in the new company, which was valued at more than $21 billion.
As far as McMahon selling off more stock in the company, TKO president Mark Shapiro addressed that possibility just a few days ago during a quarterly financial call.
“He’ll do whatever he’s going to do, and we’re all on the sideline,” Shapiro said of McMahon. “We’ll have a look, we’ll see. We have no idea on timing. We’re not having any discussion with him. He’s given us no point of view on his motive or his plans to sell or not sell, or if he does, how much. So, we’re going to wait around and find out just like you.”
It appears McMahon made that decision with this latest filing to sell off more than $400 million more in his shares in TKO Group Holdings.
Emanuel and Endeavor previously bought up more than $100 million worth of the stock that McMahon sold, but there’s no word yet if a similar deal will happen with this latest sale.
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