Vince McMahon is one of the wealthiest people in history, having made his fortune through WWE.
McMahon, WWE’s chairman, has decided to stand down from his position as board chairman while an investigation into allegations of sexual misconduct against him is conducted. McMahon’s next scheduled appearance is this coming Friday night, so even while he won’t be present at board meetings, he’ll still be a part of the organization’s television programming and storylines.
What is Vince McMahon’s Net Worth and salary?
Vince McMahon’s net worth is $1.8 billion professional wrestling promoter, pundit, film producer, and occasional wrestler from the United States. Vince became wealthy and famous while serving as CEO of World Wrestling Entertainment, or WWE. Vince McMahon stated on July 22, 2022, that he would be retiring from WWE as a result of the ongoing sexual harassment crisis.
How Many Shares of WWE Does Vince McMahon Own?
There are currently 28.7 million shares of WWE stock in Vince’s possession. In addition to controlling around 37% of WWE’s total outstanding shares, his holdings of Class B shares give him control of 80% of the company’s voting power.
When the stock hit a record high of $96 in April 2019, his holdings were worth $2.76 billion. Wrestling Entertainment, Inc. (WWE) shares dropped by around 50% over the subsequent six months. The value of Vince’s WWE stock holdings before taxes was $1.2 billion as of February 2020, when the stock was trading at $44. In December of 2017, Vince sold 3.34 million shares, earning a profit of over $100 million. He liquidated his stock to finance the re-launch of the XFL football league, which he had recently announced. Vince sold 3.2 million shares in April 2019, when the stock was at its all-time high, earning a profit of $272 million. Fortunately, everything happened at the right time for him. The value of those shares would have been cut in half just a few months later. The money he made from the two transactions was invested in Alpha Entertainment, his wholly owned subsidiary. He is rumored to be planning to put up around $500 million of his own money to fund the revitalized XFL.
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Vince McMahon Early Life
Vince McMahon entered this world on August 24, 1945, in the small North Carolina town of Pinehurst. Vincent James McMahon, Vince’s father, abandoned the family when Vince was a baby, and Vince did not get to meet him until he was 12 years old. Victoria, Vince’s mother, brought him up alongside a number of different stepfathers. McMahon graduated from Fishburne Military School in 1964 despite struggling with dyslexia and other learning disabilities. In 1968, he earned a business degree from East Carolina University, where he also studied.
Vince is best known for taking over his father’s firm, World Wrestling Entertainment (WWE), where he serves as Chairman, CEO, and main shareholder. McMahon first started working for his father in 1971, when he was tasked with promoting a local wrestling event. Vince was the All-Star Wrestling promotion’s official ring announcer and play-by-play commentator. After years of contributing to the company’s success and helping to triple TV syndication, his father promoted him to a position of prominence. After the death of his father in 1984, McMahon and his wife assumed management of the still relatively small business. He enlisted the services of Hulk Hogan, who would serve as the company’s public face. A national and far bigger audience was attracted to professional wrestling after its promoter, Vince McMahon, conceived of the “Rock & Wrestling Connection,” which included rock stars into the shows’ narratives. There was not much time between that and Wrestlemania and other ingenious promotions. McMahon is widely credited for elevating wrestling to mainstream popularity by creating the World Wrestling Federation (WWF). Previously known as the World Wrestling Federation (WWF), today’s World Wrestling Entertainment is a booming multibillion-dollar industry.
McMahon is no stranger to the ring, having held the WWF Championship and the ECW World Championship in his time. They put a star in honour of him on the Hollywood Walk of Fame. Shane McMahon and Stephanie McMahon, McMahon’s children, have been heavily involved in the business, both on and off camera. His wife, Linda McMahon, was also involved in the WWE before she was named the Administrator of the Small Business Administration by President Donald Trump in 2017.
Personal Life and Real Estate
On August 26, 1966, Vince and Linda McMahon tied the knot in the Tar Heel state. They were both teenagers when they first met each other at church. Each of their two children, Shane and Stephanie, has contributed to the family business, and they also have six grandkids. Greenwich, Connecticut, where Vince and his family reside, is just 30 minutes from Stamford, where WWE is headquartered. According to reports, his $40 million Greenwich property is worth that much. Both the “Sexy Bitch” sports yacht and a $12 million Manhattan condominium belonged to Vince.
At one time, McMahon pretended to die in order to get out of a jam. During a show broadcast on June 11, 2007, WWE showed a vignette in which Vince got into a limousine just before it blew up. There was a brief “off air” break, and when it restarted, WWE announced that McMahon had been missing and was now missing and feared dead. On June 25, 2007, McMahon admitted that he was not deceased, but that his death had been staged as part of a fictional plot. He said he staged his own suicide to observe how others would react if he were really gone.
— FactsWOW (@FactsWOW1) June 22, 2022
McMahon has contributed heavily to Republican Party projects, notably America Rising, a research and tracking outfit. The Donald J. Trump Foundation received $5 million in his generous donation. Fishburne Military School, Sacred Heart University, and East Carolina University all benefited from contributions totaling $8 million from the McMahon family.
McMahon faced sexual assault charges in 1992 related to an incident involving former WWF referee Rita Chatterton in 1986. An employee at a pub in Boca Raton, Florida, accused him of sexual harassment in 2006. In neither case did any official charges ever get filed.