WWE Chairman Vince McMahon announced via his social media account that he is retiring. McMahon stepped away from his role due to the discovery of payments made to women for affairs.
The Wall Street Journal first reported the story. It soon followed up with the exclusive that he paid four women $12 million as hush money for his sexual escapades. In late June, McMahon’s daughter, Stephanie took over as he stepped away from his role with the company.
On Friday afternoon, McMahon sent out this short tweet about retiring:
At 77, time for me to retire.
Thank you, WWE Universe.
Then. Now. Forever. Together. #WWE #thankful
At 77, time for me to retire.
— Vince McMahon (@VinceMcMahon) July 22, 2022
Thank you, WWE Universe.
Then. Now. Forever. Together. #WWE #thankful
Payout Perspective:
The end of an era in professional wrestling as McMahon appears to be on his way out of the company that he built. One might infer that the allegations and other information related to his infidelity and misconduct would surface and that he might have been voted out by the Board of Directors or the new would negatively impact the stock price since the WWE is a publicly traded company. The news comes on the same day that his son-in-law, Paul Levesque was reinstated to his role at NXT. The big question will be what is next for the company? Will it stay within the family with Stephanie or do they sell the company.
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