Forbes: Vince McMahon no longer a billionaire, loses $350 millio - My9 New Jersey

Forbes: Vince McMahon no longer a billionaire, loses $350 million in one day

Posted: Updated:
MYFOXNY.COM -

As the old saying goes, what goes up, must come down. Wrestling legend Vince McMahon, who took the WWE from a regional north east promotion, to national prominence, is no longer a billionaire.

Forbes says the World Wrestling Entertainment chairman and CEO lost a massive chunk of his fortune, up to $350 million, when the company's stock tanked on Friday.

The WWE promised that their new streaming online video network 'WWE network,' would quickly garner a million subscribers upon launch.

The initial excitement about the network and a potential new television contract with NBC Universal caused the stock price to jump up, closing at a record high of $31.39 on March 20. 

This price increase helped McMahon become a billionaire for the first time since 2000.

Unfortunately, the excitement was short lived as they only reached around 670,000 subscribers and still need around 1.4 million subscribers to replace lost revenues from their monthly pay-per-view events, which previously cost around $50 but are now available to WWE Network subscribers as part of their $9.99 monthly fee.

Investors were also expecting the new NBC Universal deal to be worth between around three times as much as the previous one, when in fact the contract's value is expected to be a mere 50% increase.

McMahon's wealth was previously estimated at around $1.1 billion.

He lost more than 30% of his fortune in Friday's crash, which sent the stock plummeting to $11.27.

It's the biggest crisis for WWE since the mid 1990s, when Ted Turner's WCW defeated the WWE week after week in the Monday Night Wars, nearly bankrupting Mcmahon. 

The WWE held their ground, and after a long struggle, they beat WCW in the ratings, and eventually bought out their long time rival becoming the sole dominant wrestling promotion in North America.

  • Connecticut NewsConnecticut NewsMore>>

  • Dad accidentally delivers baby into toilet

    Dad accidentally delivers baby into toilet

    Tuesday, July 29 2014 1:28 PM EDT2014-07-29 17:28:12 GMT
    A West Haven baby has arrived with a splash, right into a toilet bowl.
    A Connecticut baby has arrived with a splash, right into a toilet bowl. The baby's father, David Davis says that he was forced to deliver the newborn in the bathroom of his West Haven home Friday morning after his wife, Lillie, went into labor. He says the baby slipped through his hands during the delivery, but luckily went into the water. He says she began crying and it was the best sound he'd ever heard.

  • Report: Connecticut averages 14 domestic homicides a year

    Report: Connecticut averages 14 domestic homicides a year

    A new report shows Connecticut each year averages about 14 homicides committed by intimate partners. The Connecticut Coalition Against Domestic violence examined deaths that occurred between 2000 and 2012. Between those years, there were 162 female victims and 26 male victims. Most of the perpetrators, 166, were male, 166. Twenty-two were female.
    A new report shows Connecticut each year averages about 14 homicides committed by intimate partners. The Connecticut Coalition Against Domestic violence examined deaths that occurred between 2000 and 2012. Between those years, there were 162 female victims and 26 male victims. Most of the perpetrators, 166, were male, 166. Twenty-two were female.
  • Former swim coach pleads guilty to sex assault

    Former swim coach pleads guilty to sex assault

    A former swim coach and math teacher at Staples High School in Westport has pleaded guilty to raping two pre-teen girls. The Connecticut Post reports that 44-year-old Jeffrey Schare pleaded guilty Monday to two counts of first-degree sexual assault and other charges. He faces eight years in prison when he is sentenced on Oct. 3. Police say the assaults took place over a three-year period.
    A former swim coach and math teacher at Staples High School in Westport has pleaded guilty to raping two pre-teen girls. The Connecticut Post reports that 44-year-old Jeffrey Schare pleaded guilty Monday to two counts of first-degree sexual assault and other charges. He faces eight years in prison when he is sentenced on Oct. 3. Police say the assaults took place over a three-year period.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices