Vince McMahon intends to sell 8.4 million shares of TKO Group Holdings stock, roughly 30 percent of his stake in the company.
According to a press release and documents that TKO filed with the SEC, McMahon intends to sell 8.4 million shares of the company’s Class A common stock, which as of close of the stock market on Thursday was worth just over $713 million.
In after-hours trading on Thursday, the TKO stock price was down roughly 5.3 percent with the news of McMahon's sale.
The SEC filing notes that TKO CEO Ari Emanuel and TKO COO Mark Shapiro intend to buy $1 million of the stock McMahon is putting up for sale, with other company directors set to purchase $850,000 worth of the stock.
TKO Group Holdings will repurchase approximately $100 million worth of the stock.
McMahon remains the executive chairman of TKO Group Holdings. The company was created by a merger between WWE & UFC that was finalized in September.
The stock sale comes after a mixed bag of results from Q3 of 2023 for TKO and an SEC filing from the company stating that McMahon's "membership on our Board could have adverse financial and operational impacts on our business."