Vince McMahon is no longer a billionaire. It’s not that he’s broke or anything, but yesterday’s big sell-off of WWE stocks left a $350 million dent in McMahon’s pockets, putting his net worth now at an estimated $750 million according to Forbes.
A total of 41 million WWE shares traded hands yesterday, significantly more than the average of 1.7 million shares traded each day.
Jayme Wiggins from Interpid Capital Management, a company which once was WWE’s largest outside investor and sold its 10% stake this past January, said the writing was on the wall.
“The question is why their numbers are so low given this renewal,” Wiggins said. “With the information that they put out there, it seems to imply that their core business isn’t making money.”
Either way you slice it, it was a very rough week for everyone involved in WWE. The same thing happened when WWE stocks were on the rise a decade ago and then by the following day of the first XFL game, McMahon and WWE took a big hit, knocking McMahon off the Forbes Billionaire list at the time.