Vince McMahon sells another $411 million worth of shares of his TKO stock

Vince McMahon now owns 9% of the total TKO stock after selling $411 million worth of stock on March 4.

Vince McMahon sells another $411 million worth of shares of his TKO stock

Vince McMahon sells $411 million worth of TKO stock (via Deadline and Fox News)

In January, Vince McMahon resigned from his role as TKO chairman following accusations of s*xual harassment and trafficking. Former WWE employee, Janel Grant, filed a lawsuit against McMahon, John Laurinaitis, and WWE, citing physical, emotional, and mental damages. While the 78-year-old left the company “for good,”  many pondered the shares that he still owned. Now, a new SEC filing has shed light on that.

According to the March 4 filing, McMahon will be selling 5 million shares of Class A common stock. These shares hold an estimated value of around $411 million in the market. As per Brandon Thurston of Wretlenomics, the former chairman still possesses 9% of TKO stock, or 15 million shares. Previously, Mark Shapiro mentioned during the quarterly financial call that he, just like the viewers, didn’t know what McMahon would do with his remaining shares.

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The former owner of WWE was also under federal investigation, with agents in New York issuing subpoenas for documents related to the matter. This came after a number of s*xual misconduct allegations, including the lawsuit filed by Grant. Due to the accusations, McMahon was forced to step down from all his roles as the threat of the company’s sponsors pulling out loomed large. 

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As a result, Ari Emanuel replaced McMahon as the executive chairman of TKO on February 22. Many sources have claimed that the founder of WWE won’t return this time. After this recent sale of his shares, one can assume that it is only a matter of time before McMahon wipes his name off the promotion he used to own.

Top Dolla expressed his thoughts on the allegations against Vince McMahon

AJ Francis, formerly known as Top Dolla, competed in WWE on two different occasions under different management. First, he debuted as part of the faction, Hit Row, in 2020 on NXT before being drafted to SmackDown. However, he was released due to the ongoing pandemic at the time. Recently, Francis commented on the lawsuit filed against his former boss, Vince McMahon.

Vince McMahon
Vince McMahon (via WWE)

In an interview with Wrestling Inc., the former WWE star revealed that he was surprised by the allegations. Moreover, he was surprised by how blatant everything was. Francis further spoke about his relationship with McMahon during his first run. He mentioned that he had only talked with the former chairman three times. One of those times was to stand up for his former teammate, B-Fab.

Francis claimed that if the allegations are proven, he hopes that the victims receive deserved justice. Currently, the 33-year-old is working with Total Nonstop Action (TNA) after he appeared at Hard to Kill in January. In addition to that, he has been wrestling on the independent scene since his non-compete ended in December.

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