Vince McMahon has been a wrestling giant for decades now, but he has often branched out into other ventures to see what he could do as an all-around businessman. Right now, he is in the middle of bringing back the XFL in 2020 and looks to have them as another professional football league for fans to enjoy. As he does business deals, he’s going to make business moves and that is why he’s sold $22 million of his own WWE stock.
At the current time, Vince McMahon is the Chairman and CEO of WWE, and he’s going to remain in that position as long as he chooses to do so. In time, the company will likely be turned over to his daughter Stephanie McMahon and her husband Triple H.
An SEC Filing was made by WWE on Monday and it details the transaction made by McMahon, which shows just how much of his WWE stock he ended up selling off. In the publicly released information, it shows that Vinnie Mac sold 306,000 shares of his WWE stock, which amounted to the sum of $22,866,523.61.
Before selling the stock, McMahon converted those 306,000 shares of Class B common stock to Class A stock. From there, he sold the shares for anywhere from $74.12 to $75.49 per share.
Some people may not understand why he would sell away so many shares of his own company, but there is likely a very good reason for it.
The exact reasons for Vince McMahon selling his shares of WWE stock aren’t known, but Fox Business revealed that it is likely due to the return of the XFL. The football league is scheduled to return to play in 2020 for its first season since folding back in 2001.
As previously reported by the Inquisitr, Vince McMahon is set to announce the cities that will have one of the inaugural (returning) teams in the XFL. That announcement is scheduled for 12 p.m. ET on Wednesday, December 5, 2018.
McMahon already sold close to $100 million worth of WWE stock when he first launched Alpha Entertainment, which is the parent company of the XFL. It has been estimated that he will likely sell more, as he estimates spending around $500 million through the first three years of XFL operation.
After selling his 306,000 shares on Monday, Vince McMahon still owns 31,887,375 shares of WWE stock. At the current stock price of $73.49 per share, his shares are still valued at around $2.4 billion.
Vince McMahon just turned 73 back in August and he isn’t moving on entirely from WWE, but he is putting a lot of focus into the XFL. If his professional football league can become successful in its second incarnation, that would simply be another branch of great business that he has going for him and his family. People have to spend money to make money, though, and the XFL is likely the reason that he recently sold $22 million worth of WWE stock.