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>>

  • Navy submarine group disbands in Groton ceremony

    Navy submarine group disbands in Groton ceremony

    Friday, August 22 2014 8:36 PM EDT2014-08-23 00:36:24 GMT
    A Navy submarine group based in Groton has been formally disbanded after 49 years. A ceremony Friday aboard the attack submarine USS Missouri marked the end of Submarine Group 2.
    A Navy submarine group based in Groton has been formally disbanded after 49 years. A ceremony Friday aboard the attack submarine USS Missouri marked the end of Submarine Group 2.
  • Park Service bans drones over Appalachian Trail

    Park Service bans drones over Appalachian Trail

    Thursday, August 21 2014 8:25 AM EDT2014-08-21 12:25:02 GMT
    The National Park Service has banned drones from flying over the Appalachian Trail. The Park Service said Wednesday the interim rule prohibits launching, landing or operating unmanned aircraft from or on Appalachian National Scenic Trail lands. The ban takes effect immediately and lasts until the Park Service can develop an appropriate policy. 
    The National Park Service has banned drones from flying over the Appalachian Trail. The Park Service said Wednesday the interim rule prohibits launching, landing or operating unmanned aircraft from or on Appalachian National Scenic Trail lands. The ban takes effect immediately and lasts until the Park Service can develop an appropriate policy. 
  • Utility worker pulled from truck and beaten

    Utility worker pulled from truck and beaten

    Wednesday, August 20 2014 2:41 PM EDT2014-08-20 18:41:18 GMT
    Hartford police are searching for two men who pulled a utility company worker out of a dump truck and beat him up after a traffic accident.
    Hartford police are searching for two men who pulled a utility company worker out of a dump truck and beat him up after a traffic accident.
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 | New Terms of Service What's new | Ad Choices