Vince McMahon sells over 3 million WWE shares for a $271 million windfall
In an 8-K filing with the Securities and Exchange Commission today, it was revealed that WWE Chairman and CEO Vince McMahon unloaded 3,204,427 of WWE’s Class A common stock to continue funding his Alpha Entertainment LLC for the XFL.
WWE stocks closed the day at $84.87 so McMahon walked out with over $271 million. The shares sold by McMahon represent approximately 4.1% of the Company’s total outstanding shares of Class A and Class B common stock.
After the sale, McMahon beneficially owns 28,682,948 shares of the Company’s Class B common stock, which represents approximately 80.1% of the Company’s total voting power and approximately 36.8% of the Company’s total outstanding shares of common stock.