TKO Group (NYSE:TKO) stock is a hot topic among traders on Friday following news that Vince McMahon is selling a large number of its shares.
A press release from TKO Group reveals that McMahon will be selling 8.4 million shares of TKO stock through a secondary offering. That will see him acquire all net proceeds from the stock offering.
TKO Group notes that it plans to acquire $100 million worth of the TKO stock included in this offering. Also, several executives will be acquiring shares of TKO in this secondary offering.
- CEO Ariel Emanuel will acquire $1 million worth of the stock.
- President and Chief Operating Officer Mark Shapiro will also purchase $1 million worth of the shares.
- Several other executives have announced plans to acquire a total of $850,000 worth of TKO stock being sold by McMahon.
Why This Matters to TKO Stock
Vince McMahon is a major shareholder in TKO stock, with the total number of shares owned being 28 million in August. His secondary offering includes $700 million worth of the company’s stock.
This comes at a time of turmoil for TKO Group. There’s been controversy surrounding McMahon and alleged bribes, as well as the company not performing as well as expected after the merger that combined WWE and UFC earlier this year. Also, parent company Endeavor Group (NYSE:EDR) is currently considering strategic alternatives.
TKO stock is down 8.5% as of Friday morning.
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On the date of publication, William White did not have (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.
