Stephanie McMahon selling WWE shares to build new house
The New York Post has a story on Stephanie McMahon’s recent stock-selling rampage which has netted the WWE executive vice president a total of $8.3 million in cash.
Completing 43 transactions and selling a total of 833,000 shares, the Post says that McMahon had to convert almost 1.3 million shares – a third of her stake – of the McMahon family voting B shares into A shares to raise the cash.
The reason? A new house. “Stephanie McMahon is selling a portion of her Class B shares for personal financial purposes that include building a house,” a statement from WWE read.
The McMahons still own 87% of the 10-votes-per-share B class after the sell-off so there was no problems in raising cash while keeping complete control over the company.