Vince McMahon’s personal wealth experienced a major dip last Friday, losing $340 million and dropping him out of billionaire status. The concerns over the WWE Network and a shortfall in expected income on new television deals were said to be the reason for the significant stock drop, something McMahon and WWE Chief Strategy & Financial Officer George Barrios had to address in a conference call on Monday.
According to PWInsider.com, there was a lot of tension between McMahon and other company officials due to his feelings towards them. It is said that McMahon feels he was led on by his management team, minus Barrios, and had no reason to expect the losses.
The report states McMahon had been told the television deals would be much higher than they ended up being. It is said there are worries backstage over some peoples’ job prospects, and that if McMahon wants to make any changes, they can happen at the snap of a finger.
Additionally, there was reportedly a joke going on backstage that the financial troubles could mean the end of the WWE Network, though that is far from likely given the recent reports of the service’s expansion into the UK.
Well…duh. Obviously he should be unhappy, especially if the numbers were provided by them. Even so, Vince is a smart businessman, so I expect him to make changes accordingly.
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