Vince McMahon is making serious financial moves. The WWE chairman announced today that he sold over 3 million shares of the company’s stock today. That’s approximately 4.1% of the total outstanding shares and equates to around $270 million. The reason for the sale was so he has more capital to launch the XFL in 2020.
Despite the sale, McMahon still has a controlling share of the stock. He owns over 28 million shares in total. According to WWE’s SEC filing, this “represents approximately 80.1% of the Company’s total voting power and approximately 36.8% of the Company’s total outstanding shares of common stock.”