How was your week? Bad? Well, no matter how bad it was, it was nothing—nothing!—compared to the week that WWE CEO Vince McMahon just had. Because McMahon, who was a billionaire when the week started, lost—are you ready for this?—about $350 million in the last 24 hours. Yes, $350 MILLION.
The good news for Mr. McMahon is that he's probably going to recoup that money at some point in the not-so-distant future. But the bad news is that the WWE stock took a huge hit towards the end of this week and dropped about 40 percent on Friday. We're not going to sit here and pretend to know all of the ins and outs of the stock market. But that is obviously not good and, according to Forbes, the stock price tumble caused McMahon to lose a ton of money. It reportedly happened because of the domestic TV deal that WWE signed with NBC Universal this week.
Publicly, McMahon and the WWE aren't worried. They contend that their long-term business goals are still attainable and that this is just a minor speed bump. But the fact that McMahon lost that much money can't be good for business. And the fact that a lot of investors still seem to be worried about the future of the WWE Network tells us that the WWE could be in for even more trouble ahead. What a week.
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[via Forbes]
