WWE founder Vince McMahon Jr., who resigned from the board of the TKO Group in January amid sexual assault and trafficking allegations, filed to sell $411.95 million worth of TKO stock, according to a regulatory filing.
McMahon, 78, sold 5.35 million shares of TKO, according to a Securities and Exchange Commission filing on Monday.
His sale came after he sold 8.4 million shares of Class A common stock in TKO, Variety reported. The previous sale, completed in November, was worth $670.3 million, according to the entertainment news website.
Vince McMahon Sells $412 Million Worth of Stock in WWE Parent Company TKO https://t.co/ec5ELLvtTY
— Variety (@Variety) March 5, 2024
Monday’s filing showed that McMahon had sold 25% of his TKO stock, which could be worth as much as $436 million after the company’s stock price closed at $81.67 on Monday, according to Bleacher Report.
In January, former WWE employee Janel Grant sued McMahon, WWE, and former WWE executive John Laurinaitis in federal court. The lawsuit alleges that McMahon abused and sexually exploited her and also trafficked her to other men, including Laurinaitis.
Grant worked for WWE for about three years starting in 2019.
In an SEC filing last month, TKO disclosed that McMahon forfeited 86,918 shares of unvested stock units, valued at $7.5 million after he resigned from the TKO board, Variety reported.
McMahon built WWE into a worldwide organization, shattering the former concept of “territories” that were part of a “gentlemen’s agreement” between promoters, including the World Wide Wrestling Federation (changed to WWF and now known as WWE), which was founded and run by McMahon’s father, Vince McMahon Sr. Promotions such as the National Wrestling Alliance, American Wrestling Alliance and WWWF maintained territorial borders and did not infringe on other promotions.
Vince McMahon Jr. changed that during the 1980s, offering professional wrestling matches on national television and hosting major events such as WrestleMania. Stars from the WWE stable have included Hulk Hogan, Dwayne “The Rock” Johnson and “Stone Cold” Steve Austin.
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