Vince McMahon Sells Millions of Shares of WWE Stock, Stock Price Drops Again

Vince McMahon sold 2.26 million shares of WWE stock yesterday at a price of $38 per share, for a total of $85,880,000.

The sale is likely to free up cash for WWE as it’s hit by the coronavirus pandemic, losing lots of live event revenue, including from WrestleMania.

WWE’s stock price dropped as low as almost 8% today to around $35 a share, on a day that the Dow Jones is up around 6%. The price has gone up a bit as of 2 PM ET to $36.70, down about 6% for the day.

The stock price is down from around $100 in late April 2019.

An SEC filing from yesterday also says that McMahon “entered into a variable prepaid forward contract” for 3.5 million shares of WWE stock, which will “provide current liquidity while allowing him to maintain voting and ordinary dividend rights in the stock, as well as the ability to participate in future stock price appreciation.”

The SEC filing also says that “Mr. McMahon has informed us that he intends to continue in his capacity as the Company’s Chairman and Chief Executive Officer for the foreseeable future.”