WWE News: Vince McMahon sells huge chunk of WWE stock
- What does this mean for the WWE?
What's the story?
With the revival of the XFL just around the corner for 2020, Vince McMahon is wasting little time in trimming the fat from the WWE, even in the stock market.
In case you didn't know...
The WWE has been involved in the stock market since 1999, where the company officially went public. The company has been largely successful, for the exception of a few bumps in the road, since 1999 in the stock market.
The heart of the matter
As per SEC filings, Vince McMahon sold WWE stocks worth $22,866,523.61 on November 30th. In total, he got rid of 306,000 shares of stock. While this seems like a lot of money and shares, the reality is that Vince still owns a load of stock and shares in the company. Whether or not Vince may sell those in the future in an effort to take a big chance on the XFL in 2020 remains to be seen.
This hasn't been the first time McMahon has sold WWE stocks and shares. In December 2017, McMahon reportedly sold $3.34 million shares, which equals out to around $100 million dollars worth of WWE shares to fund Alpha Entertainment. Alpha Entertainment LLC, which Mr. McMahon established to explore investment opportunities across the sports and entertainment landscapes, including the XFL.
Vince is moving forward and is hellbent on making the revived XFL a success, in order to rewrite the failures of the original launch in 2001.
The XFL 2020 Revival is rumored to be launching on December 5th, 2020. Eight cities will officially be announced as candidates for the XFL on Wednesday, December 5th 2018. Some of the rumored cities that may be announced are Dallas, Houston, Los Angeles, New York, St. Louis, Seattle, Tampa Bay and Washington D.C.Published 04 Dec 2018, 13:07 IST