Vince McMahon has sold millions of TKO Group stock but it will take a lot more for McMahon to relinquish his position in the company.
On November 9th it was confirmed that Vince McMahon was looking to sell 8.4 million shares of TKO stock, which was around 30% of his 28 million shares in the company.
The details of the sale have now been confirmed, with Brandon Thurston sharing the breakdown on social media.
McMahon sold 8.4 million shares at $76.41 dollars per share after underwriting discount and commission to Morgan Stanley. This landed the Executive Chairman $641,844,000. Thurston adds that McMahon still holds around 20 million shares, which equates to 12% of the company, which is down from 16%.
Vince McMahon Needs 7 Million TKO Shares
Speaking on Wrestling Observer Radio, Dave Meltzer addressed Vince McMahon’s share sale and pointed out the level that McMahon would have to get to in terms of stock ownership to no longer have a seat on the TKO Board:
This is not about him being unhappy or anything like that. He’s been selling his stock for years because he had a majority interest in the company, and then it was down to – he would cut back and cash out.
He sold a lot to fund the second XFL, among other things, but it’s something that he has been constantly doing. I don’t think that it’s anything to be – people are going like he’s trying to get out or something like that. When it gets below – if he sells to below 7 million shares that’s when he’ll lose his board of directors seat at that point, that would say, yes, he’s getting out. Until he gets to that level he’s still chairman of the board. He’s not going to get out.
Vince McMahon is out of creative in WWE but it remains to be seen how much longer he plans to keep his seat at the top table in TKO.
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