WWE CEO Vince McMahon nets $22M from stock sales amid XFL reboot
Jared Max Fox News Radio on the return of the XFL.
WWE Chairman and CEO Vince McMahon recently sold shares of the company worth more than $22 million, according to an SEC filing on Tuesday.
McMahon, 73, converted 306,000 shares of Class B common stock to Class A stock, then sold the shares for prices ranging from $74.12 to $75.49, the filing said. Those shares netted McMahon his $22 million windfall.
WWE shares fell more than 2 percent in trading Tuesday.
While McMahon’s reasons for selling the stock are unclear, the move comes as he prepares to relaunch the XFL, a professional football league set to challenge the NFL. The XFL will begin play in 2020, having previously folded in 2001 after just one season.
McMahon will host a press conference announcing the eight city locations for the XFL’s inaugural teams on Wednesday. The WWE chief previously sold shares worth $100 million to finance the league.
The proceeds represent a fraction of McMahon’s net worth, which stood at $2.9 billion as of this week, according to Forbes calculations. McMahon still owns more than $2.3 billion in WWE stock.