Vince McMahon nets nearly $40 million by selling more than 2 million shares of stock
Mondays are usually busy for Vince McMahon and his family. Most of them are spent shaping the script of WWE’s Monday Night Raw. Before the program this week, the chairman of the board took care of a financial matter.
Via a filing with the SEC:
On May 16, 2016, the Vincent K. McMahon 2013 Irrev. Trust U/A dtd. December 5, 2013 (the “GRAT”) sold 2,191,894 shares of Class A common stock of World Wrestling Entertainment, Inc. (the “Company”) in a block trade made in accordance with the provisions of Rule 144 of the Securities Act of 1933, as amended. The GRAT was established by Vincent K. McMahon (“Mr. McMahon”), the Company’s Chairman and Chief Executive Officer, for estate planning purposes for the benefit of Mr. McMahon and certain members of Mr. McMahon’s family. The GRAT sale was executed for liquidity and asset diversification. After the sale, the GRAT continues to own 1,547,372shares of the Company’s Class B common stock. The GRAT may, at any time, subject to compliance with applicable securities laws, dispose of some or all of its remaining shares of the Company’s common stock depending on various factors, including, but not limited to, the price of the shares of the Company’s Class A common stock, the terms and conditions of the transaction and prevailing market conditions, as well as liquidity, family planning and diversification objectives. Other than possible additional sales by the GRAT, Mr. McMahon informed the Company that he has no current plans to sell any shares of the Company’s stock and that he intends to continue in his capacity as the Company’s Chairman and Chief Executive Officer for the foreseeable future.
The 2,191,894 shares sold by the GRAT represent approximately 6% of the Company’s outstanding shares of Class A common stock. After the sale, Mr. McMahon beneficially owns 37,080,747 shares of the Company’s Class B common stock, which represents approximately 86% of the Company’s total voting power and approximately48.8% of the Company’s total outstanding shares of common stock.
If you are wondering, how much money was reaped through the sale of WWE stock, which is for estate planning, Dave Meltzer’s Wrestling Observer site put the figurer at approximately $39,256,821. WWE stock closed $17.91 per share Monday, down two cents.
No word on how much of money, if any, went to research to create the NewDayLorean.
