Vince McMahon selling 30% of his stake in TKO Group Holdings for $670 million

TKO Chairman Vince McMahon is selling a total of 8.4 million shares from his stake in TKO Group Holdings Inc., which amounts to around 30% of what he owns.

The shares are being sold for $79.80 each, which gives McMahon a total of $670 million. TKO shares went down 5% after closing when the press release was issued announcing the intent to sell.

In the SEC documents filed afterward it was noted that TKO and Endeavor CEO Ari Emanuel and COO Mark Shapiro will be buying back a portion of the stock. Both took 12,531 shares each which amounts to around $2 million. Other officers are buying an additional $850,000 worth of shares, which amounts to 10,650. The company itself will spend around $100 million to buy a large chunk of that stock from Vince.

McMahon was listed as a risk factor by TKO in the latest financial disclosures with the United States Securities and Exchange Commission.