Update On Vince McMahon’s Status As WWE Chairman

A Form 8-K with the Securities and Exchange Commission that was filed on Tuesday noted the following regarding Vince McMahon’s status with WWE:

“Mr. McMahon has informed us that he intends to continue in his capacity as the Company’s Chairman and Chief Executive Officer for the foreseeable future.”

Yahoo Fiance is reporting that McMahon is selling part of his stake in WWE through Morgan Stanley at $38 per share and also noted that WWE shares fell 8.0% on Wednesday.

Yahoo Fiance explained the process of McMahon entering into a prepaid variable forward contract:

“McMahon agrees to eventually sell some of his shares at some future date — March 2024, in this case — receiving the money now, but without having to actually turn over the stock or pay taxes on the sale yet.”

The article suggested that McMahon is looking to free up funds without giving up control of the company.