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)

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.

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