Ouch! Looks like Vince McMahon‘s wallet is taking quite the beat down!!
The super buff WWE owner and CEO recently lost a whopping $350 million, which is about a third of his fortune! And if that’s not bad enough, he lost it all in a span of 24 hours!
The major hit comes right after the WWE signed a new TV deal with an online streaming network that has been EXTREMELY underwhelming, only bringing in about 700,000 subscribers so far!
After announcing the disappointingly low number os subscribers, shares in the company dropped by 29% which ended up costing Vince BIG TIME! Stocks have also dropped from from $20.13 to $11.27 since the announcement!
The WWE might not recover any time soon, as they expect the network to lose $45 to $52 million in the next year!
While Vince has officially lost his billionaire status, he’s still worth an estimated $750 million! However, he has some SERIOUS work to do to get the WWE back on its feet!
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