Ex-WWE Chairman Vince McMahon making sale of approximately $412 million after his replacement is announced
Vince McMahon is no longer the chairman of either WWE or the TKO Group. The former CEO resigned from his position after several allegations about him emerged from a lawsuit by a former WWE employee, Janel Grant. Now, the former chairman is making a huge sale.
Following allegations against McMahon, he cut ties with the company and stepped down from his position as Executive Chair of the board. Instead of him, Ari Emanuel, the CEO, stepped in as the new Executive Chair. A position of Lead Independent Director was also made, where Steve R. Koonin was appointed. The replacements were announced and effective from February 22, 2024.
Now, from the TKO Group Holdings' filings with the United States Securities and Exchange Commission, it appears that Vince McMahon will be selling several of his shares.
The filing mentioned that 5,350,000 Class A Common shares were being sold at $411,950,000. The date of the sale was mentioned as March 4 at the New York Stock Exchange.
After the transaction, he will still own millions of shares.
While Vince McMahon may have fallen out of favor with several stars, former General Manager Teddy Long would like to hug him
Speaking on The Wrestling Time Machine podcast with Sportskeeda, Teddy Long mentioned how he would react if he met Vince McMahon.
He said that he would not even bring up the scandal and just give him a big hug and talk to him. He went on to add that he would compliment him on how he looks as well.
"I wouldn't even bring that up. I would just speak to him and maybe give him a big hug, see how he looks, and compliment him on how he looks. You know, let's sit down, let's talk. I wouldn't even bring that up because I don't think I'm at liberty to do that. I don't think that would be my position to move right into Vince if I met him and say, 'Hey man, what's going on with all that stuff?' That ain't my spot. So, I wouldn't even bring it up." [From 3:10 onwards]
At the moment, there are no updates regarding the status of the lawsuit. It remains to be seen how things pan out.
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