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 WWE's CEO Chief Vince McMahon Lost Nearly A Third Of His Fortune Today

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PostSubject: WWE's CEO Chief Vince McMahon Lost Nearly A Third Of His Fortune Today   Sat May 17, 2014 3:09 am

Getty Images / Jeff Gentner
Vince McMahon, left, with wife Linda.

Vince McMahon is no longer a billionaire.
Forbes reports that the World Wrestling Entertainment chairman and CEO lost a whopping $350 million when the company's stock crashed today upon news that its new streaming online video network would not replace its pay-per-view revenues until 2015.

McMahon's wealth was previously estimated at around $1.1 billion, meaning he lost more than 30% of his fortune in today's crash, which sent the stock plummeting from $19.93 a share to $11.27.

The crash, WWE's largest drop since its 1999 IPO, was precipitated by news that the company's new television deal with NBCUniversal was not as lucrative as investors had expected.

According to Forbes, investors were expecting the new deal to be worth between two and three times as much as the previous one, when in fact the contract's value is expected to be a mere 50% increase.

Additionally, the company said in a statement yesterday that it will need 1.3 million to 1.4 million subscribers to its over-the-top service to replace revenues it is losing from its monthly pay-per-view events, which previously cost around $50 but are now available to WWE Network subscribers as part of their $9.99 monthly fee. Currently, the WWE Network only has 670,000 subscribers.

Excitement about the network caused the stock to rise 89% in the first three months of 2014, closing at a record high of $31.39 on March 20. The price increase helped McMahon become a billionaire for the first time since 2000.

Alas, it appears that distinction was to be short-lived.

http://www.businessinsider.com/vince-mcmahon-loses-nearly-13-of-fortune-2014-5

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PostSubject: Re: WWE's CEO Chief Vince McMahon Lost Nearly A Third Of His Fortune Today   Sat May 17, 2014 3:20 am

Shit is crazy. He will make it back though.
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PostSubject: Re: WWE's CEO Chief Vince McMahon Lost Nearly A Third Of His Fortune Today   Sat May 17, 2014 3:30 am

Me thinks the downfall has begun!
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PostSubject: Re: WWE's CEO Chief Vince McMahon Lost Nearly A Third Of His Fortune Today   Sat May 17, 2014 3:31 am

Especially since this is only the WWE's stock that crashed... now if the market corrects or crashes, he's gonna be hurting very badly !

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Even when I'm 100% certain of a fight outcome, I'm only 75% sure... and of that, there's only a 50/50 shot that I'm right.

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Too many people prefer the blue pill... me, I prefer the red pill.         Belief Creates Its Own Reality

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The problem confronting the world today is that the world is full of ideologues who are more concerned with promoting their ideology than dealing in the facts.

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PostSubject: Re: WWE's CEO Chief Vince McMahon Lost Nearly A Third Of His Fortune Today   Sat May 17, 2014 11:06 am

David Petruic wrote:
Me thinks the downfall has begun!

Not even close. They have such a huge fanbase.
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