WWE Stock Price Soars On News Of Vince McMahon Return Plans

According to a new report from The Wall Street Journal, WWE's stock price soared on Thursday. The shares jumped eleven percent in after-hours trading after Vince McMahon announced that he wants to return to the company as the executive chairman.

WWE's stock price opened the trading day on Thursday at $70.31 and closed at $72.04. The price had risen to more than $80 per share just before 8 PM EST in after-hours trading.

As noted, McMahon confirmed Thursday he is actively planning to return to WWE to pursue a sale of the company. He currently maintains majority voting power and has appointed himself, George Barrios, and Michelle Wilson to WWE's board of directors. Barrios and Wilson previously served as WWE co-directors and presidents from 2018 to 2020.

To officially retake his position as the WWE Chairman, McMahon needs three other directors to vacate their positions and get board approval. There are a total of eleven members on the board of directors. The board is headed by co-CEO Stephanie McMahon.

Vince McMahon stepped down as Chairman and CEO of WWE last June after a slew of reports on allegations against him. He reportedly paid more than $12 million dollars in "hush money" to former female employees to silence allegations of sexual misconduct and harassment.

In a press release Thursday, Vince McMahon said the only way WWE can fully capitalize on the upcoming media rights negotiations is for him to return as Executive Chairman and "support the management team in negotiations for the media rights." He also noted how his return will allow WWE to "engage" in these processes knowing that "they will have the support of the controlling shareholder."