World of Sport

WWE chief Vince McMahon loses $350m in one dreadful day

World of Sport

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Vince McMahon, as the chairman and CEO of WWE, is used to seeing individuals take beatings on the big stage, but he could not have seen this coming.

According to Forbes, McMahon somehow managed to lose $350m (£208m) in a single day as he endured an utter nightmare.

Forbes reported: "Shares dropped 29% the week after WWE announced its new online streaming network had only 667,000 subscribers, taking a $325 million chunk out of McMahon's fortune."

The WWE’s stock next took a huge tumble as it wiped out another $350 million - nearly a third of his value.

A lack of confidence in the product and falling shares have dropped his fortune to an estimated $750 million.

McMahon’s net worth peaked at $1.6 billion in March, but now he has taken an almighty pounding due to two key factors.

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As well as doubts over WWE's new online streaming network, a very underwhelming new TV deal has left the company with a very devalued product.

The WWE's contract with NBC Universal to keep its hit shows "Raw" and "Smackdown" is only worth around $150 million annually, which is only a fraction of what many initially thought it would earn

So for a man used to marketing and promoting high-profile poundings, McMahon has now seen it come back to him after a day he will always want to forget.

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