As the fallout from sexual misconduct allegations against Vince McMahon continues, the wrestling tycoon is cashing out a portion of his wealth. A recent filing with the US Securities and Exchange Commission reveals that Vince Just liquidated more than $400 million worth of his stock in TKO Group Holdings, the media conglomerate that owns World Wrestling Entertainment.
McMahon sold 5,350,000 shares of TKO, which generated $412 million in pre-tax profits and represented roughly one-fourth of his total holdings in the company.
This isn't the first time McMahon has unloaded a hefty share of TKO stock in recent months. In November of last year, he reportedly sold an even larger number of 8,400,000 TKO shares, pocketing about $700 million.
McMahon still owns around 15 million shares in TKO. That stake is worth around $1.2 billion at today's share price of $80. Thanks to prior sales of WWE stock and the acquisition of WWE by what became TKO, Vince's overall net worth today is $3.2 billion.
His recent sale comes about a month after Vince stepped down from his position at the WWE/TKO in response to the explosive lawsuit filed against him by former employee Janel Grant. The allegations were disturbing. At the time, he said this in a press statement:
"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. I intend to vigorously defend myself against these baseless accusations and look forward to clearing my name."
