Vince McMahon resigned from all his roles within TKO, including executive chairman and member of the TKO Board of Directors. However, he still owns TKO stock.
His exit is due to the Janel Grant lawsuit that included horrific allegations from the former WWE employee. McMahon has denied Grant’s allegations. In an interview last week, TKO COO Mark Shapiro revealed that he had breakfast with McMahon recently. However, McMahon is still out of power in the company.
McMahon remains a TKO shareholder, and an SEC regulatory filing supports that. The SEC 13G filing notes that McMahon had 8,021,405 shares as of September 30th of this year.
The filing is necessary because he exceeds 5% ownership of a specific class of stock, which requires disclosure. This shows that his shares account for 9.88% of class A stock. However, his portion of all TKO shares remains under 5%. More importantly, he has no voting rights.
As previously reported by PWInsider.com, McMahon has been in the process of setting up what has been described as a new “entertainment hub company,” which would financially back, develop, and produce film and television productions. It’s believed there are no plans to launch anything similar to WWE, as they focus on fiction and non-fiction projects.
