TKO and WWE continue to distance themselves from Vince McMahon following the allegations he is facing following a lawsuit alleging McMahon was involved in sex trafficking, sharing nude photos and explicit videos of Janel Grant without consent, and other things from the former WWE employee.
Fallout
Once the suit came out, McMahon resigned from his duties at TKO. The company and former exec John Laurnatis were also named in the suit.
McMahon has been cashing out his TKO stock in recent months, with the latest transaction coming on Monday with the sale of 5,350,000 TKO shares, a value of $412 million. He previously sold stock in November for $612 million. He still owns about 15 million shares or about 9% of all TKO stock.
No return
TKO COO Mark Shapiro had a talk at the Morgan Stanley Conference today, where Shapiro noted McMahon has nothing to do with the company and is not coming back.
Shapiro stated, “He doesn’t work for the company. He doesn’t work at the company … and he’s not coming back to the company.”
Shapiro says TKO did not participate in Vince McMahon's most recent stock sale. He roughly has 8.5%. We don't talk to him, we don't know his motives, his plans, his timelines. He doesn't work for the company. He doesn't come into the offices. He's not coming back to the company.
— Brandon Thurston (@BrandonThurston) March 6, 2024
TKO president Mark Shapiro says they have no connection with Vince McMahon for his recent $411 million stock sale. Vince has nothing to do with WWE anymore:
“He doesn’t work for the company. He doesn’t work at the company … and he’s not coming back to the company.”#WWE #UFC
— Damon Martin (@DamonMartin) March 6, 2024
