Vince McMahon has $400 million more in cash to spend after the embattled former executive chair and board member of TKO Group (TKO) , which is the parent company of WWE, just sold 5.35 million shares of his TKO stock, which is about 25% of his stake at the company, according to a new filing with the U.S. Securities and Exchange Commission.
The filing was submitted on March 4, with a previous close price of $81.67 for TKO stock.
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The move from McMahon, who has a net worth of around $2.8 billion, comes after he resigned from TKO in January shortly after a lawsuit from a former WWE employee was filed against him and former wrestler John Laurinaitis, which accused them both of sexual misconduct, abuse and trafficking at WWE.
TKO revealed in a Feb. 27 SEC filing that costs from WWE’s 2022 Special Committee’s investigation into McMahon’s alleged behavior at WWE, has been “significant” and that it expects more costs to pile up due to ongoing and future allegations.
“We expect Mr. McMahon to reimburse the Company for reasonable expenses incurred in connection with the investigation,” said TKO in the filing.
TKO also revealed in the filing that McMahon will be replaced by TKO CEO Ariel Emanuel as executive chair on the board of directors.
McMahon still has a stake at the company of about 8 to 9% and still holds voting power which still allows him to vote on corporate actions such as electing new board members, or starting new mergers or acquisitions.
Last year, after retiring from WWE in July 2022 following allegations of McMahon paying hush money to multiple employees alleging sexual harassment, he returned to help orchestrate the merge between UFC and WWE which became official in September and formed the company TKO.
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