Vince McMahon Lost Half A Billion Dollars in One Week But He Has a Plan for Gaining It All Back
Billionaires have been getting a lot of wins recently. For example, both Amazon CEO Jeff Bezos and Tesla CEO Elon Musk added billions to their already large fortunes as they welcomed 2020. CEO World Wrestling Entertainment (WWE) Vince McMahon can’t say the same though.
The 74-year-old businessman has surely had a rough start to his 2020. His trials seem to have begun in the departure of WWE co-presidents Michelle Wilson and George Barrios in late January.
The former has served in various positions since joining the company in 2009. She’s reportedly worked as the chief revenue and marketing officer for around seven years.
The same can be said for Barrios, who also served as the chief strategy and financial officer. They were both promoted to co-presidents in 2018.
News of their resignations had quite the negative effect on WWE with shares of the company dropping by 23% and its price going down as low as $40.24 as February arrived. The WWE stock was at $62.30 at the end of January.
Taking the Blows
Owning a reported 28,752,061 shares of the company, it’s no surprise that McMahon took the blows in the aftermath of his colleagues’ departure.
Before Wilson and Barrios left, the value of McMahon’s stake in WWE was at $1.79 billion. Since then, he’s lost a whopping $520 million in just a week. And the company stock’s lowest point, his losses reached an even higher $640 million.
Although this is certainly a costly blow to his fortune, it’s important to know that his losses won’t be realized until he does sell his shares.
More importantly, McMahon has other business ventures that can help him get through his recent losses. The businessman is busy with the relaunch of the professional football league, XFL.
Its current version is the successor of the original XFL that ran in the early 2000s for a season. It will follow a similar structure with eight teams playing in the league.
More in Lifestyle
These Instagram-Worthy Spots Prove That ‘Dreary’ London Can Be Totally Vibrant
Keeping an aesthetically-pleasing Instagram page is a hobby for many people, influencer or not. What others don’t know though is the...December 19, 2020
Everyday Foods That Cause Bloating and What to Substitute Them With
If you have ever experienced bloating, then you would know how extremely uncomfortable and painful it feels — not to mention...December 18, 2020
The Truth About Turmeric: How Can We Benefit From This Miraculous Spice?
Many cultures that value traditional medicine understand how important turmeric is. For many years, this wonder spice has been linked to...December 17, 2020
The Dangers of Unconscious Eating: How to Practice Mindfulness When Snacking
Most, if not all, of us love to snack – when binge-watching our favorite TV shows, finishing tasks, or browsing through...December 3, 2020
Here Are Healthy Snacks You Can Munch On If You Are Diagnosed with Diabetes
Being diagnosed with diabetes doesn’t necessarily mean it’s a death sentence. However, suffering from this condition means you should be careful...December 3, 2020
Subtle Eating Behaviors That Indicate an Unhealthy Relationship with Food
Being in an unhealthy relationship can make you feel unloved and unappreciated, but did you know that you can also have...November 30, 2020
These Sweet Snacks Are Far Healthier Than Typical Store-Bought Sugary Foods!
If you have a sweet tooth, you may find it hard to avoid sugary foods. However, there are lots of reasons...October 19, 2020
Stop Gulping Too Much Lemon Water Or You May Suffer These Consequences
Lemon water has been praised for its link to many health benefits, including aiding in weight loss and boosting our immune...October 6, 2020
Did You Know That You Might Have Contracted the Novel Coronavirus and Recovered Without Even Realizing It?
Continuous researches and studies by experts state that people had started getting infected by coronavirus before the lockdown even started. If...October 5, 2020