Vince McMahon’s net worth is now quite a bit less after the WWE stock price fell… and fell… and fell. Did CM Punk sneak up and smack the WWE Network stock with a chair?
In a related report by The Inquisitr, event that triggered the downfall of the WWE stock price was the deal with NBC that gave them the rights to continue broadcasting both Monday Night RAW and Smackdown in addition WWE Divas.
At this point, McMahon is probably wishing the WWE stock would pull a Daniel Bryan and struggle its way out of the medical stretcher and back into the ring. It was not that long ago that the stock was worth over $30, and McMahon was worth $1.6 billion, but now the stock is just $11.37 after losing almost half its value in just one day.
This means the WWE boss is no longer a billionaire since he lost an estimated $350 million in less than 24 hours. He would have been better off if he’d sold off some of his WWE stock and had a wild night at Las Vegas earlier in the week. Still, it’s not like he’s broke since Vince McMahon’s net worth is still said to be in the range of $750 million.
But why did the WWE stock price tank? It’s claimed that investors believed the new deal with NBC would have increased the WWE income by two to three times the previous amount, but instead they only saw a raise of about 50 percent.
George Barrios, WWE chief strategy and financial officer, is telling us less than the usual leaks about the WWE story lines:
“We never commented publicly on the expectation. We said we were undervalued by the math that we had done.”
The real issue is whether or not the number of WWE Network subscribers will reach the magic one million mark, when the WWE estimates that they will be able to break even with their new digital streaming service. But they’ll need to pull off 1.5 million subscribers in order to really make a mark, and so far estimates claim the WWE network is in the range of 750,000 subscribers.