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Vince McMahon leaves WWE with $3.4 billion amid sexual harassment scandal

Former World Wrestling Entertainment CEO Vince McMahon left the company with a fortune of $3.4 billion after retiring last week.

Not only is McMahon retiring a multi-billionaire, but he still retains voting rights in the wrestling entertainment company, Bloomberg reported. McMahon also remains WWE’s largest shareholder with a 32% stake in the company.

WWE revealed Monday that McMahon paid $14.6 million in hush money to several women accused of sexual misconduct between 2006 and 2022.

In an SEC filing, the company said the multimillion-dollar payments were classified as “unrecognized expenses” and plans to restate its finances to reflect the expenses.

CEO Vince McMahon addresses an audience during a WWE fan appreciation event in Connecticut in 2008.
Vince McMahon, 76, announced his retirement from WWE on Monday.
AP

All payments have either been paid or will be paid by McMahon, WWE said in the filing.

McMahon, 76, announced his retirement on July 22. McMahon’s daughter, Stephanie McMahon, will become chairman and co-CEO to Nick Khan, who joined WWE in 2020 as CAA’s president.

She had stepped in as interim CEO as the board began investigating the allegations, which it is still investigating. Her husband Paul Levesque, former WWE wrestler Triple H, also sits on the board.

“Our global audience can have peace of mind knowing that WWE will continue to entertain you with the same passion, dedication and passion it has always had,” McMahon said in a statement. “I am extremely confident in the continued success of WWE and leave our company in the capable hands of an exceptional group of Superstars, employees and leaders…”

“As the controlling shareholder, I will continue to support WWE in any way I can. My personal thanks go to our community and business partners, shareholders and the Board of Directors for their guidance and support over the years. Then. Now. Forever. Together.”

WWE Chairman Vince McMahon speaks at a news conference.
McMahon still has voting control in WWE and is its largest shareholder.
ZUMAPRESS.com

The Wall Street Journal first reported that the investigation began after WWE received a tip that the CEO had paid a former employee $3 million to keep quiet about their affair. According to an email obtained by the outlet, McMahon hired the woman as a paralegal on a salary of $100,000 and doubled it after the affair began.

According to the report, McMahon paid up to $12 million to four women over at least 16 years. One of the accusers is a former wrestler who claimed in 2018 that McMahon forced her to perform oral sex years earlier before demoting her when she ended the relationship.

McMahon’s retirement has prompted some speculation that WWE may be up for sale, Bloomberg reported, but the future of the company and McMahon’s future involvement are uncertain.

https://nypost.com/2022/07/29/vince-mcmahon-retires-from-wwe-with-3-4-billion-amid-sexual-harassment-scandal/ Vince McMahon leaves WWE with $3.4 billion amid sexual harassment scandal

JACLYN DIAZ

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