Vince McMahon has sold 2,191,894 shares of his WWE stock on Monday for approximately $30 million. This is according to an SEC document filed on Monday.
WWE noted that the sale was executed for liquidity and asset diversification purposes and that this does not indicate that there are plans to sell the company. McMahon said that he will continue in his role as Chairman and CEO of the company for the foreseeable future. I should note that McMahon’s ownership is currently at 48.8 percent. Until Monday, McMahon had majority shares since the company went public in 1999.
Towards the end of the filing, it was noted that “Mr. McMahon informed the Company that he has no current plans to sell any shares of the Company’s stock and that he intends to continue in his capacity as the Company’s Chairman and Chief Executive Officer for the foreseeable future.”
Additionally, “The 2,191,894 shares sold by the GRAT represent approximately 6% of the Company’s outstanding shares of Class A common stock. After the sale, Mr. McMahon beneficially owns 37,080,747 shares of the Company’s Class B common stock, which represents approximately 86% of the Company’s total voting power and approximately 48.8% of the Company’s total outstanding shares of common stock.”