Vince McMahon retired in disgrace from the company he took global earlier this year, subsequently keeping a very low profile. However, three weeks ago, the Wall Street Journal reported that the legendary wrestling promoter was planning on returning to WWE, feeling that the allegations made against him would have blown over had he remained. And now they have followed up by revealing how he intends to return, with him bringing Michelle Wilson and George Barrios back with him. And ultimately, his goal is to sell the company.
Mr. McMahon, who has majority voting power through his ownership of WWE’s Class-B stock, has told the company that he is electing himself and two former co-presidents and directors, Michelle Wilson and George Barrios, to the board, the people said. The move to reinstate Mr. McMahon, which the board previously rebuffed, and the others will require three current directors to vacate their positions.
WSJ.comUpon the news of McMahon’s plan to return to WWE last month, WWE’s stock price actually fell, showing investors weren’t in favor of the move. However, following today’s revelation, the stock is up 12% in after-market trading as of writing. With experts believing this is being driven by possibly driven by the news, Mcmahon will sell, and therefore quick profits can be made. And if that is the case, McMahon will be the major beneficiary as he owns up to 48% of the company and has 70.5% voting power, with the rest of the McMahon family owning a total of 55% of shares.
