Vince McMahon sells TKO shares, nets $400 million

Vince McMahon made more than $400 million yesterday after selling over five million of his shares in TKO Group Holdings, the parent company of WWE, according to documents provided to the New York Post by the Securities and Exchange Commission.

Following the sale, McMahon still owns 15 million shares, which is about nine percent of TKO stock, as reported by the Daily Mail.

When WWE and TKO merged, McMahon was named executive chairman of the company. In January, McMahon resigned from TKO after being named in a sex-trafficking lawsuit by a former employee, where he reportedly forced the victim, Janel Grant, into having sex with colleagues, sharing nude pictures of her without her consent, using sex toys on her and defecating on her during a forced threesome.

After news of the lawsuit broke, it was found that the feds executed a search warrant during the summer on McMahon’s phone. McMahon and colleague John Larinitis were also accused of covering up the alleged rape of Ashley Massaro, a former WWE talent.

“I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name,” McMahon said in a statement after news of Grant’s lawsuit surfaced. “However, out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all of the employees and Superstars who helped make WWE into the global leader it is today, I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately.”