More On: Vince McMahon
Vince McMahon quits WWE with $3.4 billion amid sex scandal
Dwayne ‘The Rock’ Johnson wants to tap the XFL’s reality-TV potential
Dwayne ‘The Rock’ Johnson headlines group buying the XFL
Ric Flair re-signs with WWE after coronavirus holdup
Vince McMahon’s three reasons for firing XFL’s Oliver Luck
Reports say that when Vince McMahon left his job as CEO of World Wrestling Entertainment last week, he took $3.4 billion with him. This was because of a sexual harassment scandal that involved millions of dollars in 'hush money' payments.
Bloomberg said that McMahon has retired as a multibillionaire and still has voting control over the wrestling entertainment company. McMahon also still has the most stock in WWE, with a 32% stake in the company.
The WWE said on Monday that McMahon paid $14.6 million to several women who said he did sexual things to them between 2006 and 2022 to keep them quiet.
In a filing with the SEC, the company said that the multimillion-dollar payments were "unrecorded expenses" and that it plans to change its financial statements to reflect the payments.
The WWE said in the filing that McMahon has paid or will pay all of the payments.
McMahon, who is 76 years old, said he was leaving his job on July 22. Stephanie McMahon, who is McMahon's daughter, will be chairwoman and co-CEO with Nick Khan, who came to WWE in 2020 from CAA as president.
When the board started looking into the claims, she took over as interim CEO. The board is still looking into the claims. Her husband, Triple H, who used to wrestle for WWE, also sits on the board.
“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always,” McMahon said in a statement. “I am extremely confident in the continued success of WWE, and I leave our company in the capable hands of an extraordinary group of Superstars, employees, and executives …”
“As the majority shareholder, I will continue to support WWE in any way I can. My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together.”
The Wall Street Journal first reported the investigation began after the WWE was tipped off that the CEO had paid a former employee $3 million to keep quiet about their affair. The outlet got a hold of an email that said McMahon hired the woman as a paralegal and paid her $100,000. After the affair started, he doubled her salary.
The report said that over at least 16 years, McMahon paid as much as $12 million to four women. One of the accusers is a former wrestler who said in 2018 that McMahon forced her to have oral sex with him years earlier and then demoted her when she broke up with him.
Bloomberg said that McMahon's retirement has led to rumors that the WWE might be for sale, but the future of the company and McMahon's role in it are still unknown.
========
