Subhojeet Mukherjee on January 11, 2023
Vince McMahon’s shocking return to WWE last week led to a lot of changes that are still being felt even now. After a hiatus of over eight months, McMahon’s return was to set up a company sale. McMahon then regained control of the company’s Board of Directors as the Executive Chairman of WWE, and rumors spread that he was going to sell WWE to Saudi Arabia. It seems these rumors have affected WWE’s stock.
A report from Bodyslam.net stated that WWE has agreed to sell the company to Saudi Arabia. Even the thought of WWE trying to sell the company to Saudi Arabia incited the anger of many fans.
Earlier reports suggested that WWE was in the process of getting sold to Saudi Arabia’s Public Investment Fund, which would turn the company private again and no longer publicly traded. This report was later denied, and nobody has 100% confirmed it is taking place.
The rumors were laid to rest as WWE has not been sold to Saudi Arabia. Due to such unforeseen events, WWE’s stock has seen a drop today. Whether this will continue for the next few days is another story entirely.
WWE stock took a turn after the rumors of a possible Saudi Arabia sale. When the market opened, the stock fell $2.02 so far, to $88.22 each. This could be a sign that investors were pumping the stock for a sale, because they are bullish on the idea of Saudi Arabia buying the company. After all, that situation would see WWE going private, and they would make money if that happens. The stock started to tank once TMZ broke the story that this sale isn’t happening.
Vince McMahon also started working on the deal with Saudi Arabia right after he retired last year. It was also reported that WWE talent will be done with the company if a deal with Saudi Arabia goes through.
The next few days will be crucial as far as WWE’s overall future is concerned, with Vince McMahon at the helm once again. We will have to wait and see how WWE’s stock will be affected in the coming months.
What’s your take on this situation with WWE? Sound off in the comments!
January 11, 2023 12:33 pm
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