Vince McMahon Lost $350 Million in a 24-Hour Period
Coffee burned your tongue? Boss caught you on Jen Selter’s Instagram? Couldn’t think of a third negative thing to include in a comedic blog post? Well. You didn’t lose $350 million today.
In a span of just 24 hours last week, Vince McMahon saw his fortune decrease by $350 mil. It was due to a sharp decrease in the WWE’s stock price, of which much of his money is tied, and he can blame the decline on the league’s struggling new online streaming network and a lackluster TV deal. (Only 700,000 people have subscribed for the online service since its launch—anecdotally, two of the biggest wrestling fans I know were even skeptical of joining.)
And when NBCUniversal announced a contract to keep Raw and Smackdown for only $150 million annually, half of what many thought the shows would earn, the WWE’s stock priced dropped $8.86. Ripping through McMahon’s coffers. This probably required an incredible power walk to leave the house the next day.
Of course, let’s not care for the exec just yet. In March, his fortune peaked at $1.6 billion. Today, it’s estimated at $750 million. I think he’ll survive.