Vince McMahon sells over $400 Million in TKO stock amid legal turmoil

Vince McMahon, the iconic figure behind WWE, is shedding a significant portion of his stake in TKO Group Holdings, totaling over $400 million, according to a recent filing with the Securities and Exchange Commission. This move marks the sale of 5.35 million shares, representing nearly 25 percent of his remaining ownership in the company. It comes on the heels of McMahon’s previous divestment of $700 million worth of stock in the company last year. TKO president Mark Shapiro acknowledged McMahon’s potential sell-off but indicated that the company is in the dark about his specific plans or motivations.

Shapiro stated, “He’ll do whatever he’s going to do, and we’re all on the sideline. We’ll have a look, we’ll see. We have no idea on timing. We’re not having any discussion with him. He’s given us no point of view on his motive or his plans to sell or not sell, or if he does, how much. So, we’re going to wait around and find out just like you.”

Vince McMahon sold his shares after his allegations came around the corner

The decision to sell comes in the wake of McMahon’s departure from the company following serious legal allegations. Janel Grant, a former WWE employee, filed a lawsuit accusing McMahon of sexual assault, sex trafficking, and abuse. Grant alleged that McMahon had offered her a job in exchange for sexual favors and implicated other men in trafficking her. McMahon denied these allegations but resigned from his position as executive chairman of TKO Group Holdings in January.

In his statement addressing his resignation, McMahon expressed respect for the WWE Universe and the TKO business, emphasizing his decision’s significance. Meanwhile, Grant’s attorney, Ann Callis, highlighted her client’s bravery in coming forward and her hopes that the lawsuit would prevent further victimization. Callis also pointed to McMahon’s history of alleged misconduct, suggesting that the organization should be held accountable for its leadership’s actions.

McMahon’s legal troubles have escalated with federal authorities launching an investigation and seizing his phone to probe potential federal law violations. These recent developments add to McMahon’s previous controversies, including allegations of sexual misconduct in 1992 and settlements totaling close to $15 million paid to four women over 16 years to suppress sexual misconduct claims against him. The decision to divest his TKO shares may indicate a challenging legal battle ahead for McMahon.

Get the latest from Sportslumo.com by following us on Instagram, Twitter, and YouTube