Just four months ago WWE’s stock was at an all-time high, nearing $100 per share. In that time the economy has slowed, the market has fallen and WWE’s business hasn’t been doing well. Those are some contributing factors to the 36% drop in share price for the stock.
WWE has been canceling live events recently due to low ticket sales and offering some tickets for as low as $7. In what seems as even more bad news, the Co-President Of WWE has dumped over 150,000+ shares in WWE, as per Bloomberg.
Michelle D. Wilson, co-president since Feb. 2018, sold more than two-thirds of her stake in the company last Thursday. She disposed of 158,134 shares at an average price of $69.30, or total of $11 million, according to a Securities & Exchange Commission filing.
According to WWE, Wilson sold her holdings for personal reasons and still owns more than the required amount of equity for an officer at the company. After a sale of more than 65,000 shares in late July, due partially to tax obligations, Wilson now holds about 42,000 shares worth roughly $2.7 million. WWE stock fell 5.4%, to the lowest in about 8 months, as of 3:03 p.m. eastern time.
A recent filing also shows that Kevin Dunn, an executive producer for WWE, has also sold a chunk of shares.
It seems like everyone in the corporate office of WWE has been unloading their shares more frequently this year, which seems telling in their confidence in the company.
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