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Vince McMahon, the WWE founder who resigned from the TKO Group board of directors earlier this year amid sexual assault allegations against him, filed to sell TKO shares worth $411.95 million, according to a regulatory document.
McMahon’s sale comprised 5.35 million TKO shares, according to a SEC Filing Monday. This came after it sold 8.4 million Class A common shares in TKO, selling for $670.3 million, last November.
As of the end of 2023, McMahon owned 20.35 million TKO Group Class A shares, meaning he still owns around 15 million shares. He was the longtime leader of the WWE before its September 2023 merger with the Endeavor-owned UFC.
In January, former WWE employee Janel Grant sued McMahon, WWE and former WWE executive John Laurinaitis. Her lawsuit alleges that McMahon sexually abused and exploited her and also trafficked her to other men, including Laurinaitis.
One day after the lawsuit was filed, McMahon announced that he was resigning from the TKO board of directors. However, he strongly denied the allegations in Grant’s lawsuit.
“I stand by my previous statement that Ms. Grant’s lawsuit is filled with lies, made-up obscene cases that never occurred, and is a vindictive distortion of the truth,” McMahon said in a statement. “I intend to vigorously defend myself against these baseless allegations and look forward to clearing my name.”
McMahon’s statement continued: “However, out of respect for the WWE Universe, the extraordinary business of TKO and its board members and shareholders, partners and constituents, and all the employees and superstars who helped make WWE the leader global that it is today, I have decided to resign from my executive presidency and from the board of directors of TKO, effective immediately.”
In an SEC filing last month, TKO revealed that McMahon lost 86,918 unvested shares, valued at $7.5 million, after he resigned under pressure from the TKO board.