Vince McMahon, the WWE founder who stepped down from the TKO Group board amid sexual assault allegations earlier this year, has sold $411.95 million worth of TKO stock, as per a recent regulatory filing.
McMahon’s sale involved 5.35 million shares of TKO, disclosed in an SEC filing. This follows his sale of 8.4 million shares of Class A common stock in TKO last November, totaling $670.3 million. At the end of 2023, McMahon held 20.35 million shares of TKO Group’s Class A shares, leaving him with approximately 15 million shares. McMahon led WWE until its merger with Endeavor-owned UFC in September 2023.
In January, former WWE employee Janel Grant filed a lawsuit against McMahon, WWE, and former WWE executive John Laurinaitis, alleging abuse and sexual exploitation. McMahon vehemently denied the allegations, stating the lawsuit was full of lies and fabrications. Following the lawsuit, McMahon resigned from the TKO board. Despite the resignation, he vowed to vigorously defend himself against the accusations and clear his name.
Additionally, TKO disclosed in a recent SEC filing that McMahon forfeited 86,918 shares of unvested stock units upon his resignation from the board under pressure. These were valued at $7.5 million.
Vince McMahon parts ways with WWE for good
On March 4, Vince McMahon sold 5.35 million shares of his TKO stock. Furthermore, TKO President Mark Shapiro confirmed that TKO did not participate in McMahon’s recent stock sale. He stated that McMahon’s stock sale was his second, reducing his shares from 28 million to 15 million. Additionally, he emphasized that TKO is not in communication with McMahon and is unaware of his motives or plans.
During the Morgan Stanley Technology, Media, & Telecom Conference, TKO President Mark Shapiro was asked if TKO participated in the sale. Shapiro stated, “We did not participate in the recent sale on Vince McMahon’s load that he dropped off. This is now his second time. He’s gone from 28 million shares to 15 million shares. He now roughly has 8.5%. We’re not in conversation with him. We don’t talk to him, we don’t know his motive, his plan, his timeline, what if any, he doesn’t consult with us. He doesn’t work for the company. He doesn’t work at the company. He doesn’t come into the offices. He’s not coming back to the company.”
Even after McMahon denied the allegations, he resigned as TKO Executive Chairman after Slim Jim paused its promotional partnership with WWE due to the allegations.
