Vince McMahon has sold an additional 3.484 million shares of his TKO stock. Earlier this month, McMahon sold 5.35 million shares of the same stock.
As of now, McMahon still owns 11.518 million shares. That means he’s unloaded approximately 44% of his stock in recent months.
You can check out the official SEC filing below:
“On March 24, 2020, the Reporting Person entered into a variable prepaid forward sale agreement (the “Agreement”) with an unaffiliated bank (the “Bank”) relating to 3,484,006 shares of the Issuer’s Class A common stock and obligating the Reporting Person to deliver to the Bank up to 3,484,006 shares of the Issuer’s Class A common stock (or, at the Reporting Person’s election, under certain circumstances, an equivalent amount of cash) to settle the Agreement. On March 1, 2024, the Reporting Person and the Bank amended the Agreement to provide that the Agreement would be fully settled by the Reporting Person’s delivery of 3,484,006 shares of the Issuer’s Class A common stock to the Bank.
The physical settlement contemplated by the Agreement were divided into 15 components, each of the first 14 of which were with respect to 232,267 shares of the Issuer’s Class A common stock and the last of which was with respect to 232,268 shares of the Issuer’s Class A common stock, and took place on each weekday between March 5, 2024 and March 25, 2024. Upon such physical settlement, the Reporting Person received, in the aggregate, approximately $100 million from the Bank.”
Vince McMahon, the chairman and CEO of World Wrestling Entertainment (WWE), has recently sold an additional 3.484 million shares of his TKO stock. This comes after McMahon sold 5.35 million shares of the same stock earlier this month. As a result, McMahon has now unloaded approximately 44% of his stock in recent months.
Despite these sales, McMahon still retains ownership of 11.518 million shares. The decision to sell a significant portion of his stock raises questions about his future plans and the direction of the company.
The official Securities and Exchange Commission (SEC) filing provides some insight into McMahon’s actions. On March 24, 2020, McMahon entered into a variable prepaid forward sale agreement with an unaffiliated bank. This agreement obligates McMahon to deliver up to 3,484,006 shares of the Issuer’s Class A common stock to the bank, or an equivalent amount of cash, to settle the agreement. The settlement is scheduled for March 1, 2024.
The physical settlement outlined in the agreement was divided into 15 components, with the first 14 involving 232,267 shares each and the final component involving 232,268 shares. These settlements occurred on weekdays between March 5, 2024, and March 25, 2024. As a result of these settlements, McMahon received approximately $100 million from the bank.
While the SEC filing sheds light on the technical details of McMahon’s stock sales, it does not provide explicit reasons for his decision. Speculation has arisen regarding McMahon’s motivations, with some suggesting that he may be looking to diversify his investments or allocate funds to other ventures.
It is worth noting that WWE has faced various challenges in recent years, including declining television ratings and competition from other wrestling promotions. These factors may have influenced McMahon’s decision to sell a significant portion of his stock.
However, it is important to remember that McMahon still retains a substantial ownership stake in WWE. His continued involvement and decision-making power within the company will likely have a significant impact on its future trajectory.
As the wrestling industry continues to evolve, fans and investors will closely monitor McMahon’s actions and the implications they may have for WWE. Only time will tell how these stock sales will shape the future of the company and its leadership.