WWE founder Vince McMahon is selling the last of his shares in TKO Group Holdings, a move that would end the executive’s association with the business he has worked in for more than 50 years.
TKO, which was formed with the purchase of WWE last year by Endeavor Group Holdings, filed a prospectus Friday afternoon showing that McMahon may sell up to 8.02 million shares he holds in the company, worth more than $776 million at TKO’s closing price of $96.76 Friday.
While the filing suggests McMahon is exiting the business, he previously had listed all of his TKO shares for sale in September after the company was created. McMahon subsequently sold 8.4 million shares in November, another 5.35 million shares in March and nearly 3.5 million shares in early April.
Also listed as a seller is WWE president Nick Khan, who filed to sell what appear to be all his holdings of 234,424 shares, an amount that includes restricted stock units which the executive has amassed. Khan listed the same 234,424 shares for sale in the same September prospectus and to date has not sold any WWE stock; he also remains in his position at the company.
In both cases, the filing makes the shares eligible for sale, but doesn’t mean they will be sold. In practice across the corporate world, such filings typically result in the sale of the listed shares shortly after.
A spokesperson for TKO Group declined to comment.
McMahon began working for WWE–then known as the World Wrestling Federation–after college in the 1960s. He bought the business from his father and over the following decades built it into a sports entertainment powerhouse and made himself a billionaire in the process.
In 2022, he stepped down from WWE after disclosures that the company made millions of dollars in payments on his behalf to settle sexual misconduct complaints. As controlling shareholder, he reappointed himself chairman at the end of 2022 to engineer a sale of the business. In September last year, Endeavor Group Holdings, the parent of rival league UFC, bought WWE and merged it into a newly formed publicly traded business–TKO.
McMahon was again was forced to resign from his new role as executive chairman of TKO in January after a sex trafficking lawsuit accused him and other executives of sexual coercion and other terrorizing acts.
Before Friday’s disclosure that he may sell all his TKO stock, McMahon had sold $1.365 billion worth of TKO stock since November. Assuming he sells his remaining shares near market value, he’ll have realized more than $2 billion on TKO stock in six months.
(This story has been updated in the headline and third and fourth paragraphs to clarify the shares for sale listed by McMahon and Khan.)