Despite the departure of Vince McMahon, WWE stock closed at its highest price in three years.
Following earlier reports that WWE stock had been out-performing expectations, it appears that this robustness continued all of the way until end of play on July 25th.
At one stage stocks reached $72.52 per share, an increase of 9.51% which was a 52-week high. While it has now been confirmed that although the price fell back slightly, it closed at $71.81. That’s the highest closing price since September 17th 2019, when it closed at $73.91.
The resurgence comes after Triple H was named head of creative, in addition to his role as Head of Talent Relations. In the same press release it was also confirmed that Stephanie McMahon will assume the role of Chairwoman, while serving as co-CEO alongside Nick Khan.
However, following the announcement, news came through that WWE will be restating a number of financial reports following the discovery of “unrecorded” Vince McMahon expense payments.
WWE disclosed via a SEC filing that they’ve made “a preliminary determination” regarding payments made by McMahon. The payments made between 2006 and 2022 totalling $14.6, should have been recorded as business expenses.
As a result, WWE will be reissuing financial statements for 2019, 2020, and 2021, as well as Q1 of 2022. They aim to republish these statements by Tuesday, 9 August, though “there is no assurance that it will be able to meet this deadline”.
McMahon is already under investigation regarding allegations that he paid a former employee $3 million in “hush money” after the pair had an affair. More allegations have since been made public, including claims that McMahon paid four women more than $12 million across 16 years as part of similar agreements.