Sunday, August 30, 2015

Vince McMahon loses $350 million in one day; no longer a billionaire

WWE Chariman and Chief Executive Officer Vince McMahon lost $350 million when the stock market closed Friday, according to a report from Forbes.com.

Vince McMahon loses $350 million in one day; no longer a billionaire

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Vince McMahon attends WWE Superstars for Sandy Relief at Cipriani, Wall Street on April 4, 2013 in New York City. (Photo by Brad Barket/Getty Images for WWE)
Vince McMahon attends WWE Superstars for Sandy Relief at Cipriani, Wall Street on April 4, 2013 in New York City. (Photo by Brad Barket/Getty Images for WWE)

WWE Chariman and Chief Executive Officer Vince McMahon lost $350 million when the stock market closed Friday, according to a report from Forbes.com.

McMahon lost nearly a third of what he was worth, which knocked him out of the ranks of the world’s billionaires. Forbes estimates he is now worth $750 million.

McMahon’s major loss was the result of the WWE’s stock taking a major dive on the market after news of the company falling short of its expectations to double its television rights revenue. The stock, which routinely hovers close to $20 per share, is now down to around $11.

WWE signed a new, multi-year television deal with NBCUniversal and formally announced it Thursday. However, WWE only reaped a 50 percent increase on its previous deal, according to Benchmark analyst Mike Hickey.

“The company’s valuation could take a heavy beating this morning, as the new domestic TV deal with NBCUniversal likely disappointed investors,” Hickey wrote in a note to Forbes.

Sports Producer
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The Squared Circle is a one-stop shop of pro wrestling news, recaps and observations. You can also enjoy interviews with some of your favorite stars from the world of professional wrestling both nationally and locally. Reach Vaughn at vjohnson@philly.com.

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