WWE has seen an incredible 25% increase in market price as shares soar to a three-year high following Vince McMahon’s shock return!
Vince McMahon Makes Shock WWE Return
On January 6th 2023 WWE would confirm that former CEO Vince McMahon would be returning to the companies Board of Director’s following his shock 2022 departure following claims of misuse of company funds and sexual misconduct allegations from former employees.
In a filing with the United States Securities and Exchange Commission it has now been confirmed that McMahon has “acted by written consent” to remove three board members.
“On January 5, 2023, the Reporting Person acted by written consent (the “Written Consent”) to remove JoEllen Lyons Dillon, Jeffrey R. Speed andAlan M. Wexler without cause as directors of the Issuer and to fill such vacancies by electing the Reporting Person, George Barrios and Michelle Wilson as directors of the Issuer.”
This news follows an earlier report which claimed that McMahon had a previous return blocked by the Board of Directors. However, due to being majority shareholder, McMahon was able to take a different route.
McMahon’s comeback is said to have stunned many within the company, with some already reportedly looking to leave.
Incredible Stock Market Reaction To Vince McMahon’s WWE Return
On Tuesday January 3rd 2023 WWE’s stock price settled at a stable $68 prior to any news/early rumblings surrounding McMahon’s planned return, then on January 5th as early reports and fillings began to circulate the value would rice to around $73 indicating an impressive 7.3% increase for the company.
However, following WWE’s official announcement of McMahon’s return stock prices would soar to $88 following the market open on January 6th, a massive 24.43% rise from the previous market close price of around $66.
The current [at time of writing] share price of $88 is a three-year-high for the company following a post Q1 spike in April 2019 leading to an all-time trading high of $96 on April 23rd 2019.
The latest report around McMahon revealed that he is refusing to meet legal demands of two women he allegedly sexually assaulted. One of the women is former referee Rita Chatterton who is seeking $11.75 million in damages for an alleged rape committed by McMahon back in 1986. It is also alleged that the former WWE Chairman sexually assaulted a spa owner at a resort in California in 2011.
This article is NOT financial advice and should not be treated as such.