McMahon is still worth $750 million.
It hasn’t been a good week for WWE CEO Vince McMahon. At the beginning of the week he was a billionaire. At the end of the week he was still very rich, but could only be referred to as millionaire Vince McMahon.
Forbes reports that McMahon, who is no worth approximately $750 million, lost a significant portion of his fortune in 24 hours when WWE’s shares tumbled 43 percent on news that the company had signed a new television deal believed to be less lucrative than anticipated.
According to CNNMoney, WWE signed a multi-year contract with NBC Universal to show the company’s “Raw” on USA Network and “Smackdown” on NBC’s Syfy Network. CNN Money points out that investors had expected a large increase from the $100 million in annual revenue the company earned from the previous deal, but eventually determined that the new deal wasn’t as lucrative looking as the old one.
If one thing is certain, McMahon won’t be a luckless millionaire for long. As Forbes notes, the WWE CEO first became a billionaire in 2000. Then, after WWE stock plummeted, he lost that elite status until 2013. Now, he’s a millionaire again. Only time will tell how long it takes for McMahon to climb the ladder once again.
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