Vince McMahon Selling Over Five Million Shares of TKO Stock Following Sex Trafficking Lawsuit
TKO Group Holding issued a statement on the potential sale.
Vince McMahon's WWE days are done. The longtime chairman of the global leader in sports-entertainment resigned from his corporate positions this past January after former employee Janel Grant filed a lawsuit against him. The lawsuit in question accused McMahon of sexual abuse and sex trafficking. This has led to WWE severing ties with McMahon completely, removing all mentions of him on WWE programming and even scrubbing him from the upcoming WWE 2K24 video game. While McMahon has already faced the consequences of this lawsuit from his now-former employer, he has yet to be hit with any federal charges.
Vince McMahon Selling Five Million TKO Shares
The efforts to create distance between Vince McMahon and WWE is a two-way street.
As seen in a recent TKO Group Holdings filing with the SEC, McMahon, who is listed as "former director" within the filing, is looking to sell 5.35 million shares of stock. If it goes through, this sale would net McMahon nearly $412 million dollars.
This sale would decrease McMahon's ownership within TKO even further. As of this past January, McMahon was reported to own 20 million shares of TKO stock, which came out to be 34 percent of the TKO pie and 37.6 percent of WWE's total shares. Selling 5.35 million shares would bring his remaining stock down to around 15 million, leaving him with about 25 percent of the TKO Group Holdings shares.
In the past, McMahon has been able to use his shareholding power to reinstate himself to the WWE Board of Directors. He executed this move back in January 2023, six months into his retirement, reclaiming his WWE corporate positions after the chatter about his original sexual misconduct allegations died down. It has been reported that due to WWE now being owned by a parent company, Endeavor, that McMahon would not be able to loophole himself back into the company this time around.
"I stand by my prior statement that Ms. Grant's lawsuit is replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth," McMahon said in a statement upon his resignation. "I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name."
Stay tuned to ComicBook.com for updates on McMahon's ongoing lawsuit.