Vince McMahon pocketed a hefty amount of cash last weekend. He decided to sell more of his stock, getting him a lovely amount of 22 million dollars. Here’s the story.
$74 Dollars Per Share
The WWE is not doing badly when it comes to its stock price. With a price of $74 per share, Vince sold 306,000 of his shares to pocket a hefty $2 million.
Vince did not sell his stock as the valuable class A stock. Class A stock gives shareholders up to 10 votes, while class B only provides one. So, before Vince sold his stock, he converted his class A stock into class B.
His Second Stock Sale
It is not the first time Vince has flogged some of his shares. Last December, Vince sold three million of his shares, giving him a whopping $100 million.
How Many Shares Does Vince Have Left?
Despite selling a substantial amount of shares, he still owns an astronomical number of shares in the WWE.
A recent security filing stated that Vince McMahon currently owns 31,887,375 shares; this at a value of $2.4 billion total at the current share price. So, despite selling quite few shares in the past couple of years, Vince is still the most powerful man in the company.
The Reason for the Sale?
Many people believe that Vince has sold his stock to fund the football league he recently restarted. As you may remember, Vince has reinstated the XFL last year. However, the XFL was first created in the early 2000’s. Unfortunately, the company only lasted for one season.
Vince created the XFL to provide an alternative for football fans during the NFL off-season. XFL would have fewer rules and a lot rougher play. While the original viewer ratings were excellent, the company took a nosedive rather quickly afterwards, causing Vince to disband the idea in 2001. It cost Vince’s company $35 million.
Since Vince has restarted his XFL, it is believed the recent sale of shares has something to do with Vince needing cash to invest. The WWE has recently signed a deal with FOX Network and the Saudi Arabian General Sports Authority, so he could be using the success of one company to fund another. Of course, since Vince is selling his own shares, it is more likely the WWE does not have the ownership of the XFL as it did before.
Find out the latest news about the WWE! Sign up for the Ringside Intel Newsletter.