Vince McMahon, who stepped down as executive chairman of TKO Group Holdings in January, is divesting himself of over $400 million in stock he holds in the company.
In a recent filing with the Securities and Exchange Commission, McMahon disclosed his intention to sell 5.35 million shares of TKO stock, currently valued at $411.95 million.
This sale represents approximately one-fourth of his remaining stake in the company. This move follows McMahon’s sale of $700 million worth of TKO stock in November, which accounted for about 25 percent of his original holdings.
It’s worth noting that the filing indicates McMahon’s intent to sell the shares, meaning the sale hasn’t been finalized yet. The actual sale price may vary depending on the current market value of the stock. As of Monday’s closing, TKO stock was trading at $81.67 per share, higher than the $77 per share listed in McMahon’s filing.
McMahon’s decision to offload TKO stock comes after his departure from the company following a lawsuit filed by a former WWE employee alleging misconduct including sexual assault and trafficking. McMahon has denied these allegations but resigned “out of respect” for WWE, TKO, and other shareholders.
Despite no longer being involved in the business, McMahon remains one of its largest shareholders. Following Endeavor’s acquisition of WWE last April, which valued the merged entity at over $21 billion, Endeavor now holds a 51-percent controlling interest, with Ari Emanuel serving as CEO.
Regarding McMahon’s stock sale, TKO president Mark Shapiro recently addressed the matter during a financial call, indicating uncertainty about McMahon’s plans and timing.
McMahon’s latest filing to sell over $400 million in TKO shares seems to confirm his decision. While Endeavor had previously purchased over $100 million of the stock McMahon sold, it’s unclear if a similar arrangement will be made this time.
