Following his departure from WWE and UFC’s parent company TKO amid an ongoing sex trafficking lawsuit, former WWE chairman Vince McMahon sold a sizable chunk of his stock in the organization.
Per TMZ, a recent SEC filing shows that McMahon sold 5,350,000 shares, which accounts for nearly 25 percent of his stock, for a value of $411.95 million. The shares could end up being worth as much as $436 million after TKO’s stock price closed at $81.67 on Monday.
McMahon is retaining his remaining stake in TKO, which amounts to around 15 million shares. This is the second stock dump in recent months for the 78-year-old, as he sold 8,400,000 shares in November and netted $700 million.
It was just over a month ago that McMahon resigned from his position as executive chairman at TKO following a lawsuit from former WWE staffer Janel Grant alleging that he sexually abused her and trafficked her to others within the company.
Khadeeja Safdar of the Wall Street Journal reported that Grant signed a nondisclosure agreement in 2022 to remain silent about her allegations in exchange for $3 million, but she alleged that payments stopped after the initial $1 million and she is seeking to void the agreement and receive unspecified damages.
McMahon denied the validity of Grant’s allegations and said the lawsuit was “replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth.”
Following his resignation, McMahon has remained out of the public eye. He has indicated that he intends to fight the lawsuit and clear his name.
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