Breaking News Emails
Now that's a billionaire body slam.
Wrestling promoter Vince McMahon lost an estimated $350 million when WWE shares tumbled on Friday, according to Forbes, knocking the chief executive out of the exclusive billionaire’s club.
To put that sum in context, Fast & Furious 6 starring former WWE wrestler Dwayne "The Rock" Johnson had a domestic gross of $238.7 million, according to BoxOffice.com.
Shares of World Wrestling Entertainment took a gut-punch last week, down 48 percent in premarket trading before the opening bell on Friday.
The stocks dropped after the company announced on Thursday that it had reached a renewed U.S. licensing deal with Comcast Corp.’s NBCUniversal Cable Entertainment. NBCUniversal is the parent company of NBC News.
WWE has worked to net 1 million subscribers for its WWE Network by the end of 2014. The company says it needs those subscribers to make up for lost business in pay-per-view and video on demand.
McMahon, 68, built WWE into an entertainment empire with a presence in more than 150 countries. But the company’s revenues have sat stagnant since 2008 at about $500 million, Forbes reported in a profile of McMahon published in April.
Apart from being WWE’s chairman and CEO, McMahon owns 52 percent of the Connecticut-based company’s shares, according to Forbes.
--- NBC News Staff with The Associated Press.