Vince McMahon, who resigned as executive chairman of TKO Group Holdings in January, is selling more than $400 million worth of stock he owns in the company.
According to a public filing with the Securities and Exchange Commission, McMahon filed to sell 5.35 million shares – currently worth $411.95 million – of TKO stock, which represents approximately a quarter of his remaining holdings in the company. This decision comes after McMahon previously sold $700 million worth of shares in TKO last Novemberwhich represented approximately 25 percent of his initial shares in the company.
The filings show that McMahon intends to sell the shares, which means nothing has been finalized yet, so the actual price he will receive from the sale could change depending on the current price of the stock. action. As of Monday's close, TKO stock was trading at $81.67 per share, up from the $77 per share listed in McMahon's sales filing.
Latest TKO stock sale comes after McMahon left the company following a lawsuit filed against him by a former WWE employee alleging sexual assault, sex trafficking and other abuse she suffered while working for him. McMahon maintained his innocence regarding the lawsuit, but ultimately tendered his resignation “out of respect” to WWE, TKO and the company's other shareholders.
Although McMahon is no longer associated with the company, he remains one of the company's largest shareholders. Endeavor, the parent company of TKO Group Holdings, acquired WWE last April and retains a 51% majority stake in the company, with Ari Emanuel named CEO.
WWE then merged with UFC into the new company, valued at over $21 billion.
As for McMahon selling more of the company's stock, TKO Chairman Mark Shapiro raised the possibility just a few days ago during a quarterly financial call.
“He’ll do whatever he does, and we’re all on the sidelines,” Shapiro said of McMahon. “We'll take a look, we'll see. We have no idea of the timing. We have no discussions with him. He hasn't given us any insight into his motivations or plans to sell or not sell, or if he does, how much. So we'll wait and find out, just like you.
It appears that McMahon has made the decision to sell over $400 million more of his shares in TKO Group Holdings.
Emanuel and Endeavor have already purchased more than $100 million worth of stock sold by McMahon, but it is not yet clear whether a similar deal will occur with this latest sale.