Vince McMahon Sells $670M of His TKO Shares Amid Subpoena and Hush Money Investigation

Sale represents 30% of McMahon's stake in the sports and entertainment giant TKO formed from the merger of UFC and WWE, signaling possible exit from the company he served as executive chairman.

WWE Founder Vince McMahon is selling 8.4 million shares of TKO, the parent company formed after merging UFC and WWE, representing almost a third of his total stakes. The shares are valued at around $670 million.
TKO Group's shares experienced a downward shift of more than 7% following McMahon's announced sell-off. In addition, TKO intends to repurchase approximately $100 million of McMahon’s shares.
With a net worth estimated at $2.8 billion, long-time wrestling mogul McMahon seems to be hinting at separation from the family business he has dominated over four decades. This move is viewed as his possible exit strategy.
In addition to McMahon's planned sale, TKO's CEO Ari Emanuel, COO Mark Shapiro, and other directors show interest in acquiring parts of McMahon's shares, totalling around $3 million.
McMahon's move to sell off his shares comes amidst a federal investigation into allegations of him paying hush money to women accusing him of sexual misconduct. His board membership at TKO is considered to bring negative publicity and potential financial and operational risks.

The Hollywood Reporter

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