It’s been a wild few days if you’re a WWE stockholder. When the company announced Vince McMahon’s return to the Board of Directors on Jan. 6, the stock shot up to numbers not seen since before the COVID-19 pandemic. But the excitement wasn’t so much centered on McMahon’s return as it was the potential of the company being sold, as McMahon outright claimed that’s one of the major business deals he wants to oversee and it has since been confirmed that JPMorgan has been hired to assist with negotiations. But the news didn’t stop there as Stephanie McMahon announced late Tuesday afternoon that she would be stepping down from her role as Co-CEO and would be leaving the company entirely.
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Hours later, reports started to emerge that WWE had agreed to a deal in principle for a sale to the Saudi Arabia Public Investment Fund. However, those reports were repeatedly debunked and denied on Wednesday morning. But as a result of the speculation and denial, the stock immediately dipped from its starting price of $92.50 down to $89.11 by 9:45 a.m. It would close out at $89.54 at the end of the day’s trading.
“Dear WWE Universe, About 8 months ago, I took a leave of absence and within a few weeks, unexpectedly had the opportunity of a lifetime. I had the privilege to return as the Co-CEO and Chairwoman of the Board of WWE. I cannot put into words how proud I am to have led what I consider to be the greatest company in the world, working alongside a remarkable leadership team and one of the strongest executives I have known in my Co-CEO, Nick Khan,” Stephanie’s message to the public read. “Our Founder, Vince McMahon, has returned as Executive Chair and is leading an exciting process regarding strategic alternatives. And with Nick’s leadership and Paul ‘Triple H’ Levesque as Chief Content Officer, I am confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders. WWE is in such a strong position, that I have decided to return to my leave and take it one step further with my official resignation. I look forward to cheering on WWE from the other side of the business, where I started when I was a little kid, as a pure fan. I will always remain dedicated to WWE. I truly love our company, our employees, our Superstars, and our fans. And I am grateful to all of our partners.”
