Vince McMahon Retires From WWE Under Cloud Of Misconduct Probe

Breaking Business Vince McMahon Retires From WWE Under Cloud Of Misconduct Probe Nicholas Reimann Forbes Staff I cover national politics, with a focus on Donald Trump. New! Follow this author to improve your content experience. Got it! Jul 22, 2022, 06:14pm EDT | Share to Facebook Share to Twitter Share to Linkedin Topline Longtime billionaire wrestling executive Vince McMahon announced his retirement from World Wrestling Entertainment on Friday, ending a half-century long career in pro wrestling after the company he built into the undisputed champion in the business launched an investigation earlier this year into an affair McMahon is alleged to have had with a company paralegal.

Vince McMahon gets the crowd ready for the main event of the night “Hair vs. Hair” at WrestleMania . .

. [+] 23 at Ford Field in Detroit on April 1, 2007 (Photo by Leon Halip/WireImage) WireImage Key Facts McMahon stepped down last month as CEO and chairman of WWE due to the investigation into “alleged misconduct” by him and head of talent relations John Laurinaitis. The probe came after the Wall Street Journal reported that McMahon paid $3 million in hush money to a paralegal he hired in 2019, with an email obtained by the Journal stating he “gave her like a toy” to Laurinaitis.

The Journal subsequently reported earlier this month that McMahon paid over $9 million to three other women linked to WWE to buy their silence over allegations of sexual misconduct and extramarital affairs. McMahon, 76, did not mention the investigation in a statement announcing his retirement Friday, instead attributing the decision to his age. The company will now be run by his daughter, Stephanie McMahon, as chairman as well as co-CEO along with Nick Khan.

Key Background McMahon comes from a family of wrestling promoters, and joined his father’s World Wide Wrestling Federation in 1972, which at the time was a small company. He bought the company from his father in 1982, and revolutionized the American wrestling scene by taking the company national, breaking with the tradition of small wrestling ventures dominating particular regions. McMahon also played a critical role in leading the company’s recruitment and promotion of countless highly charismatic wrestlers that would go on to become household names, in large part through a massive expansion of televised content like the annual pay-per-view WrestleMania event.

The World Wrestling Federation, as it was then known, held an initial public offering in1999, which valued the company at around $172. 5 million. It was forced to rebrand as World Wrestling Entertainment in 2002 after losing a lawsuit for the WWF trademark to the World Wildlife Fund.

WWE now has a market cap of more than $4. 9 billion. Forbes Valuation We estimate McMahon to be worth $2.

4 billion . His wealth peaked in 2019 at around $3. 2 billion.

Tangent The WWE was prone to controversy under McMahon, with storylines of its scripted matches facing criticism for racist and sexist themes. Surprising Fact McMahon is a strong supporter and longtime friend of former President Donald Trump . His wife, Linda McMahon, served as head of the Small Business Administration during the first two years of Trump’s term.

Further Reading Here Are The Billionaires Who Donated To Donald Trump’s 2020 Presidential Campaign (Forbes) Vince McMahon Steps Down As WWE CEO Amid $3 Million ‘Hush Pact’ Investigation (Forbes) WWE’s Vince McMahon Steps Down as CEO Amid Misconduct Probe (Wall Street Journal) Follow me on Twitter . Send me a secure tip . Nicholas Reimann Editorial Standards Print Reprints & Permissions.