WWE Stock Takes Big Hit Following News of Vince McMahon Selling Shares
On Tuesday of this week, the WWE stock was trading at $33.28, however, it closed at $31.87 today. Following the close, the stock price dropped again to $30.75, as a result of McMahon’s major stock moves.
The stock price dropping is because Wall Street perceived Vince McMahon selling that much stock to be a bad sign, either because of the ongoing rumors of the XFL returning or because Wall Street might believe WWE is funding the new Vince McMahon company which appears to be considering some type of football-related project.
ESPN’s Darren Rovell, who broke the news earlier today that McMahon sold the stock, noted that WWE and NBC lost approximately $35 million each, after taxes, on the failed attempt at one season of The XFL.
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