He always walks with an unmistakable swagger but after seeing $350million disappear on Friday, wrestling’s biggest business man is no longer a billionaire.
This is the Vince McMahon we all know, and sort of love…
But that famous swagger may be put into storage for a while as the WWE owner took a serious hit to his personal wealth on Friday. According to Forbes, a sharp drop in the company’s share price cost McMahon a staggering $350m (€255m). The stock fell sharply in value after a new TV deal with NBC went for less than investors expected.
It has been a fairly turbulent few months for Vince’s own fortune. On the back of the launch of the WWE’s own TV station, the share price rocketed and his personal wealth was valued at $1.6billion as recently as March. Now, after dropping such a huge amount on Friday, it is estimated that McMahon is no longer a billionaire, having ‘only’ $750m in the kitty.
To get the share price back up, and his own personal wealth too, McMahon needs more subscribers to their own channel, so expect him to be out on the promotional trail to drum up business. No better man.
