Vince McMahon retires from WWE with $3.4 billion amid sexual harassment scandal

Vince McMahon retires from 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 retired last week amid a sexual harassment scandal that has involved millions of dollars in silent payments, according to reports.

Along with retiring as a multi-billionaire, McMahon still holds voting control in the wrestling entertainment company, Bloomberg reported. McMahon also remains WWE’s largest shareholder with a 32% stake in the company.

The WWE unveiled monday that McMahon paid $14.6 million in silent money to several women who alleged sexual misconduct between the years of 2006 and 2022.

In a filing with the SEC, the company said the multimillion-dollar payments were classified as “unrecorded expenses” and said it planned to restate its finances to reflect the expenses.

Vince McMahon, 76, announced his retirement from WWE on Monday.
PA

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

McMahon, 76, announced his retirement days earlier on July 22. McMahon’s daughter, Stephanie McMahon, will serve as President and Co-CEO with Nick Khan, who joined WWE as CAA President in 2020.

She had stepped in as interim CEO when the council began its investigation into 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 take comfort in knowing that WWE will continue to entertain you with the same fervor, dedication and passion as always,” McMahon said in a statement. “I am extremely confident in the continued success of WWE, and I leave our company in the capable hands of an extraordinary group of Superstars, employees and executives…”

“As majority shareholder, I will continue to support WWE in any way I can. I personally thank our community and business partners, our shareholders and our Board of Directors for their guidance and support over the years. So. Now. Always. Together.”

WWE Chairman Vince McMahon speaks during a press conference.
McMahon still has voting control in WWE and is its biggest stakeholder.
ZUMAPRESS.com

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

The report says 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 years earlier McMahon forced her to perform oral sex before demoting her when she ended the relationship.

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

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