Wrestling fans know Vince McMahon as the most successful wrestling promoter. But the WWE mogul once suffered an unimaginable loss that made him go from a billionaire to a millionaire. After returning to WWE from a temporary retirement earlier this year, McMahon set out to facilitate the sale of his promotion. It was announced earlier that WWE was acquired by the Endeavor Group.
Even though Vince McMahon made a fortune from the sale, he once lost a whopping $350M in a matter of 24 hours. His loss stemmed from a significant drop in WWE’s shares in 2014.
However, over time, McMahon recovered and regained his throne as a billionaire again. The former WWE owner still serves as the CEO of the company. Today, McMahon’s net worth is estimated to be around $3.4 billion.
Vince McMahon once lost a whopping $350M in a day due to a drop in WWE stock
Forbes reported that WWE’s new TV deal with NBC Universal had led to a significant drop in its stock in the market. WWE had reportedly signed with NBCUniversal for less than the investors expected.
In addition, WWE’s new online streaming network also attributed to the massive loss. The online streaming network had only raked in around 700,000 subscribers at the time since its launch.
The company also confirmed that the network would continue to lose between $45 million to $52 million going forward.
As for the new TV deal, WWE made around $150 million annually from its contract with NBCUniversal through Raw and SmackDown. However, the amount was far less than what the investors hoped for. In fact, it was only half or a third of what was expected. The combination of the two factors caused the company’s stock to drop $8.86 from $20.13 to $11.27.
It should be noted that WWE’s stock dropped 29% a week after the Stamford-based promotion announced its new online streaming network’s poor number of subscribers. This hit McMahon with a loss of $325 million. McMahon further lost an additional $350 million through WWE’s underwhelming TV deal.
The WWE Chairman reportedly sent a company-wide email to WWE employees stating that Triple H is solely heading the Creative
Vince McMahon previously stated in an interview that he will be involved in the Creative process, though not “in the weeds”.
The Raw after WrestleMania 39 gave fans the impression that McMahon was behind the booking of the entire show. Now it seems that Vince is stepping back from contributing ideas to the Creative.
While speaking with LightShed Live, Nick Khan revealed that Vince McMahon emailed the entire WWE that Triple H is the “sole Chief Creative Officer”. He also added that McMahon will not involve in Creative decision-making.
“Vince sent out a company-wide email to our thousand or so employees, including myself, and in the email, he laid out the structure of the NewCo. Specifically, he articulated that Paul Levesque remains the sole Chief Creative Officer. Sole.”
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