Vince McMahon sells more stock.
According to a new SEC filing, Vince McMahon has sold 3.484 million TKO shares for roughly $100 million. The sale was to an unidentified bank, with the 3.484 million shares transferred over the course of 15 business days (March 5-25). “Upon such physical settlement, [McMahon] received, in the aggregate, approximately $100 million from the Bank."
McMahon still owns 11.5 million shares.
Todd Spangler of Variety explains the breakdown of McMahon's shares and bank relationships:
TKO disclosed in its most recent 10-Q that McMahon had pledged 3.484 million of his Class A shares as “collateral to secure his obligations under a prepaid forward contract with Morgan Stanley Bank.” In addition, McMahon has pledged 7.17 million of his shares as “collateral to secure his obligations under loans” from Morgan Stanley Private Bank, National Association.” TKO noted that “some or all” of those shares may be sold by the banks “upon the occurrence of events set forth in the applicable documents governing such obligations.”
McMahon sold 5.3 million shares on March 4.
On January 25, a lawsuit was filed by former WWE employee Janel Grant against Vince McMahon, WWE and former executive John Laurinaitis. The lawsuit accuses McMahon of sex trafficking, emotional abuse, and sexual assault.McMahon has denied the allegations.
He resigned from his position as TKO Executive Chairman on January 26.
