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.