Vince McMahon's retirement did not lead to WWE stock falling.
WWE stock closed at $71.81 on Monday, July 25. The number is up 8.44% from Friday's closing number of $66.25.
Just as the market closed on Friday, WWE announced that Vince McMahon had retired as CEO as the company. Stephanie McMahon and Nick Khan were named Co-CEOS. On Monday it was announced that Triple H would lead creative.
The stock hit a high of $73.22 at 11:22 am.
Shares of WWE stock are up over 40% year to date. It's the highest the stock has been since September 2019 when the price hit $73.65. The stock had dropped to $48.70 in January 2022.
Along with the news of Triple H leading WWE creative, WWE filed an 8-K form stating, "The Company has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future), and that were not recorded in the WWE consolidated financial statements, should have been recorded as expenses in the quarters in which those agreements were made (the “Unrecorded Expenses”). As of the date hereof, the Company has identified Unrecorded Expenses totaling approximately $14.6 million. All payments underlying the Unrecorded Expenses were or will be paid by Vince McMahon personally."
McMahon is being investigated by the WWE board over alleged hush money and sexual harassment allegations.
