World Wrestling Entertainment (NYSE:WWE) stock is moving alongside sale rumors and recent changes as Vince McMahon retakes control of the company.
The first bit of news worth noting are the sale rumors, which allege that WWE will be sold to the Saudi Arabia Public Investment Fund. However, these rumors have since been shot down by the company.
Even so, this news sparked a rally in WWE stock today as investors reacted positively to the rumors. Also, WWE’s denial doesn’t mean a sale isn’t potentially in the works. Rather, it just means there’s no official agreement.
As part of the interest in these sale rumors, WWE stock is seeing heavy trading today. As of this writing, more than 2.4 million shares are changing hands. To put that in perspective, the daily average trading volume is 804,000 shares.
More Changes Affecting WWE Stock
Another big news item for WWE lately is the departure of chairman and co-CEO Stephanie McMahon. This news comes as her father, Vince McMahon, takes on the Executive Chairman role. The move also sees Nick Khan becoming the sole CEO of the company.
Vince McMahon said the following about the change:
“Nick’s business acumen and mastery of the media industry have helped catapult our business to record revenue and profitability. Together, we look forward to working with the Board at this critical moment in time to review our strategic alternatives and maximize value for all WWE shareholders.”
WWE stock is down 2% as of Wednesday afternoon after rallying this morning.
Investors looking for all of the latest stock market news will want to keep reading!
InvestorPlace has all of the hot stock topics traders need to know about on Wednesday! That includes what’s happening with shares of meme stocks, the latest on Rivian (NASDAQ:RIVN) stock and today’s surge in flight delays. You can catch up on all of this news at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
