Earlier this year, Vince McMahon resigned from his various capacities at TKO, including his Executive Chairman position and board membership.
Despite stepping down, McMahon retains ownership of TKO stocks. His exit is connected to the lawsuit filed by Janel Grant, a former WWE associate who leveled serious allegations against him. At this moment, McMahon doesn’t hold any authoritative position either at TKO or WWE.
Confirmation of McMahon’s continuing stake in TKO is validated by an SEC regulatory filing. The SEC Form 13G reveals that he owned more than eight million shares (8,021,405) as of the end of September.
This disclosure is required by law as McMahon’s stake surpasses 5% of a specific stock class. His holdings amount to 9.88% of the class A stock, while overall ownership of TKO stocks doesn’t exceed 5%. Importantly, he doesn’t have any voting rights.
As we’ve previously disclosed here on eWn, McMahon is in the process of setting up a fresh “entertainment-centric company”. This new venture is aimed at providing financial backing and developing as well as producing film and television projects. The new enterprise is not expected to resemble WWE, with more focus on the creation of both fictional and non-fictional projects.