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News Topical, Digital Desk : Former WWE chairman Vince McMahon has sold stocks worth approximately $250 million (approximately Rs 21,46,11,24,900) of TKO Group Holdings.
This company is the parent company of WWE and UFC. Vince has been one of the important faces of WWE for a long time and he is well known in the world of professional wrestling. According to the New York Post, this sale was done privately with Endeavor Group Holdings. This large-scale stock sale has taken place when McMahon is facing a sex trafficking lawsuit. Apart from this, he is preparing to start a new entertainment business.
How did Vince McMahon come under the shadow of controversies?
His public and financial relationship with WWE and TKO has gradually weakened after several controversies surfaced in early 2024. According to official documents, the transaction was completed on Wednesday at a price of $158.32 per share.
In January, McMahon resigned from TKO's board of directors after a former WWE employee accused him of sexual assault and sex trafficking. McMahon has flatly denied these allegations, calling them "completely baseless."
- Former employee Janelle Grant claims her then-boss McMahon forced her into sexual relations at the company and that others were also involved.
- Last week, a man named John Laurinaitis reached an agreement with Grant.
- This included the condition that he would cooperate with Grant's lawyers and perhaps even testify against McMahon.
'No one behaved badly'
McMahon's attorney said the settlement between Laurinaitis and Grant "does not change the facts of the case in any way" and that McMahon "never mistreated" Grant.
The stock sale further strengthens Endeavor Group's position in the TKO Group, which was formed by the merger of WWE and UFC in 2023. The transaction is a significant step for McMahon as he fights a legal battle on one hand and plans to launch a new entertainment venture on the other.
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