Pro wrestling CEO loses $350 million in one day

| May 20, 2014

You might be in awe over the numbers tossed around but what draws our attention is the speculation on the why. Investors were upset that they made only 50 percent on a deal rather than 200 or 300 percent? Really? There was a time when making 50 percent on one’s investment was considered great. So, are we talking ambition or greed now?

WWE CEO Vince McMahon No Longer Billionaire After Losing $350 Million In A Day

Vince McMahon lost $350 million as of market close on Friday, as shares in his WWE took a beating from investors. The stock was down more than 40% since the market open. In fact, the stock, which had closed just below $20 on Thursday, opened down below $11. That immediately knocked the WWE boss out of the billionaire ranks, putting his net worth now at an estimated $750 million.

The stock fell after news that WWE had signed a new television deal with NBCUniversal for less than some investors had hoped. Benchmark analyst Mike Hickey estimated WWE got a 50% raise over its last TV agreement, but he expected the new deal to pay WWE double or triple its previous one.

via WWE CEO Vince McMahon No Longer Billionaire After Losing $350 Million In A Day.

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