Vince McMahon Sells $400M TKO Group Stock Amid Sex Trafficking Investigation
Vince McMahon is getting rid of over $400 million of stock he holds in TKO Group Holdings.
According to the Securities and Exchange Commission, McMahon has made a filing to sell 5.35 million shares. That is a total of $411.95 million, equivalent to almost 25 percent of his earnings left in the company. This arrives on the back end of Vince selling $700 million worth of stock in the company last year. TKO president Mark Shapiro did not rule out Vince selling his shares.
“He’ll do whatever he’s going to do, and we’re all on the sideline. We’ll have a look, we’ll see. We have no idea on timing. We’re not having any discussion with him. He’s given us no point of view on his motive or his plans to sell or not sell, or if he does, how much. So, we’re going to wait around and find out just like you.”
The decision to sell arrives after Vince left the company following a sexual assault, sex trafficking, and abuse lawsuit filed against him. A former WWE employee by the name of Janel Grant alleged that Vince had offered her a job in return for sex. But in doing so, she alleged other men had trafficked her. McMahon denied those allegations but left his position as executive chairman of TKO Group Holdings in January.
Vince Reacts
“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,” McMahon said
“Today’s complaint seeks to hold accountable two WWE executives who sexually assaulted and trafficked Plaintiff Janel Grant, as well as the organization that facilitated or turned a blind eye to the abuse and then swept it under the rug.
“She is an incredibly private and courageous person who has suffered deeply at the hands of Mr. McMahon and Mr. Laurinaitis. Ms. Grant hopes that her lawsuit will prevent other women from being victimized. The organization is well aware of Mr. McMahon’s history of depraved behavior, and it’s time that they take responsibility for the misconduct of its leadership,” Ann Callis (Grant’s attorney) revealed
Vince’s History
McMahon’s troubles increased after federal authorities launched an investigation, seizing his phone as they sought to establish if he had broken any federal laws. Vince’s prior conduct does not show him in the best possible light. He was alleged to have engaged in sexual misconduct in 1992.
That is when Rita Chatterton, the WWE’s first-ever female referee, claimed she had been reaped. Although that was settled outside of court, McMahon’s reputation had been damaged. Vince also left his role as CEO of the WWE in 2022. An investigation claimed he paid close to $15 million in total to four different women over 16 years to keep quiet over sexual misconduct claims made against him. The move to sell his shares may reflect a tough legal case ahead.
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