Vince McMahon, the founder of WWE who resigned from the board of TKO Group earlier this year amid sexual assault allegations against him, filed to sell more than $400 million worth of TKO stock, according to a regulatory filing.
McMahon’s sale comprises 5.35 million shares of TKO, per an SEC filing Monday. [Update: McMahon sold the stock on March 7 for $77 per share, totaling $408.1 million, according to a subsequent TKO filing.] That came after he sold 8.4 million shares of Class A common stock inTKO — worth $670.3 million — last November.
As of the end of 2023, McMahon had owned 20.35 million shares of TKO Group’s Class A shares, meaning he still owns about 15 million shares (which are currently worth more than $1.2 billion). He was the longtime CEO of WWE prior to its September 2023 merger with Endeavor-owned UFC.
In January, former WWE employee Janel Grant sued McMahon, WWE, and former WWE executive John Laurinaitis. The lawsuit alleges that McMahon abused and sexually exploited her and also trafficked her to other men, including Laurinaitis.
One day after the lawsuit was filed, McMahon announced that he was resigning from TKO’s board. However, he strongly denied the allegations in Grant’s lawsuit.
“I stand by my prior statement that Ms. Grant’s lawsuit is replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth,” McMahon said in a statement. “I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name.”
McMahon’s statement continued, “However, out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all of the employees and Superstars who helped make WWE into the global leader it is today, I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately.”
In an SEC filing last month, TKO disclosed that McMahon forfeited 86,918 shares of unvested stock units, valued at $7.5 million, after he resigned under pressure from the TKO board.
