WWE News: Vince McMahon sells 2 million shares of the WWE
As we all know, the chairman of the WWE, Vince McMahon holds majority shares of the company. Few days ago, WWE announced in an SEC filing that Vince McMahon has sold 2,191,894 shares of WWE stock this week, which accounts for approximately $38-39 million.
Initially, most of the shares of the company were owned by Vince and his wife Linda McMahon. Linda sold a part of her shares to Triple H in 2011 and then another part to her daughter, Stephanie McMahon between 2013-2014. With more than 800 employees working for them, WWE gained a profit of $24 million in 2015, with total assets totalling $409 million.
These 2 million shares add to 6% of the company's outstanding shares, as a result of which Mr. McMahon is left with 37,080,747 shares or around 48.08% of the company. Wrestlinginc.com confirms that Vince McMahon sold the shares "for estate planning purposes for the benefit of Mr. McMahon and certain members of Mr. McMahon's family."
A fan on Twitter depicted the current scenario of WWE :
Best I can count, here's the breakdown of $WWE ownership after Vince sold over 2 million shares (2.8% of WWE) today. pic.twitter.com/6X0ZcbERTm
— Brandon Howard (@adecorativedrop) May 17, 2016