WWE Executives cash in on shares worth $1 Million following the rise in prices
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Former Chairman Vince McMahon
The World Wrestling Entertainment has been one of the most profitable company in the world of wrestling since it was taken over by Vince McMahon from his father. McMahon has been able to strike a chord with the audiences and has constantly delivered a product over four decades which has been viewed and loved by all the wrestling fans from around the world. The WWE has garnered fans from all over globe with virtually no competition and managed to become the company it is today.
In 1999 WWE launched an initial public offering as a publicly-traded company and started trading on the New York Stock Exchange. Initially WWE issued stocks valuing $172.5 million in the year of it appearing on the NYSE. WWE since its appearance on the stock market has always been a publicly traded company and as of 2003 has started paying dividend on the shares of $0.04 per share. This went on increasing till 2011 where it was the highest at $0.36 but was later reduced to $0.12 per share the same year due to unknown reasons.
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WWE Stock has been on a shaky rise in the midst of all the controversies
WWE has had a turbulent month with various controversies shaking the company and specially Vince McMahon. It was recently brought to light by the wall street journal that McMahon had been involved in multi million dollar scam. It is alleged that McMahon was involved in a hush money scandal which included a settlement done with a former female employee on the grounds of misconduct.
When the incident came to light the WWE Board of Director’s started investigating to reach the root cause and subsequently Vince McMahon had to step down as the Chairman and CEO of the WWE. Following the incident the company has incurred loses on various fronts and is still trying to recover from the shocking incident coming to light.
Its been reported by Brandon Thurston of Wrestlenomics that two former Board of Directors have recently cashed out on some of the shares. According to Thurston Executive Producer Kevin Dunn and Chief Fiduciary Officer Frank Riddick have sold multiple thousand shares with its value has been reported over 1 Million. Frank Riddick sold 9090 shares which gained him $568,000 and on the other hand Dunn gained 1 Million by selling 16,107 shares.
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It is also being said that the former members likely have a very limited idea about the on going investigation and in what capacity it has been carried out. Even after the incident the shares have seen slow risr over the past month. With Stephanie McMahon appointed as the interim CEO and Chairwoman of company we will have to wait and see in which direction the company will go.
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Aditya Baisane
(103 Articles Published)