95 Million Worth of TKO Stock Amidst Ongoing Controversy

In a recent regulatory filing, Vince McMahon, the founder of WWE, has submitted a request to sell $411.95 million worth of TKO stock. This move comes in the midst of numerous sexual assault allegations against McMahon, which led to his resignation from the board of TKO Group earlier this year.

The filing reveals that McMahon plans to sell 5.35 million shares of TKO, indicating his intention to distance himself from the company. This follows a previous sale in November of last year, where McMahon sold 8.4 million shares of Class A common stock in TKO for a substantial $670.3 million.

Despite these sales, McMahon will retain ownership of approximately 15 million shares of TKO Group's Class A shares, as of the end of 2023. McMahon's significance in the wrestling world cannot be denied, having been the longstanding leader of WWE before its merger with Endeavor-owned UFC in September 2023.

It should be noted that McMahon's decision to sell his TKO stock comes amidst an ongoing lawsuit filed against him by former WWE employee Janel Grant. The lawsuit alleges that McMahon not only abused and sexually exploited Grant but also trafficked her to other individuals, including former WWE executive John Laurinaitis.

Following the lawsuit, McMahon vehemently denied the allegations, stating that they are "replete with lies" and a "vindictive distortion of the truth." He expressed his intent to vigorously defend himself and clear his name from baseless accusations. McMahon's statement was released shortly after announcing his resignation from TKO's board, a move that he claimed was out of respect for WWE, TKO, its board members, shareholders, partners, constituents, employees, and Superstars.

Last month, TKO disclosed that McMahon had forfeited 86,918 shares of unvested stock units, worth $7.5 million, after resigning under pressure from the TKO board. The controversy surrounding McMahon has undeniably impacted his position within the company and its shareholders.

As the legal proceedings continue, observers will closely monitor the outcome of the lawsuit and the repercussions it may have on McMahon and his remaining involvement with TKO Group.