Vince McMahon No Longer Billionaire After Losing $350 Million In A Day

Vince McMahon lost $350 million as of market close on Friday, as shares in his WWE took a beating from investors. The stock was down more than 40% since the market open. In fact, the stock, which had closed just below $20 on Thursday, opened down below $11. That immediately knocked the WWE boss out of the billionaire ranks, putting his net worth now at an estimated $750 million.

The stock fell after news that WWE had signed a new television deal with NBCUniversal for less than some investors had hoped. Benchmark analyst Mike Hickey estimated WWE got a 50% raise over its last TV agreement, but he expected the new deal to pay WWE double or triple its previous one.

McMahon became a billionaire for the first time in 2000, still holding onto a huge stake in the company. But WWE stock dropped a year later and didn’t recover that ground until January of this year, about 13 years or so later, when McMahon—who owns 52% today—rejoined the billionaire ranks. Now he’s down and out once again...More?

source: forbes.com