Vince McMahon is no longer a billionaire losing $350 million after the company’s stock crashed today..
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The stock is said to have suffered loses 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. source
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.