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WWE Chairman Vince McMahon's net worth increases in COVID-19 pandemic

By Raja
Vince McMahon (image courtesy WWE.com)

Bengaluru, July 1: Vince McMahon certainly knows how to do business as he survived in the market of tough competition over the years, simply by evolving. Now he's proven to be the genius one more time by upping his property net worth even at the time of the coronavirus pandemic.

While some of the reputed global brands had to go through tremendous loss margins in recent times, it seems the visionary perspective of Vinnie Mac never put WWE's financial side in jeopardy.

According to a report published by a consortium of advocacy groups based on Forbes estimates, via The Middletown Press, McMahon’s net worth increased by an estimated $177 million, over the past three months.

He is one of the eight of state Connecticut's 14 billionaires who managed to keep their wealth rate to an upward direction amid the COVID-19 pandemic while in opposition, 400,000 people in the state lost jobs. It was noted that McMahon's net worth has increased by nearly 10% since March.

His property valuation stood at $1.8 billion this past March when the pandemic started to spread around the United States. By June, his net worth reached $1.977 billion, seeing an increase of $177 million (9.8%).

In 2019, McMahon saw his net worth grow to $3.2 billion from $1.5 billion in 2018. So compared to that, his net worth is still down by $1.2 billion from last year. However, seeing an increment during coronavirus outbreak is pretty significant which shows The Boss' resiliency.

Vince McMahon reportedly draws the base salary was of $1.4 million in 2020. This amount does not include stock awards, non-equity incentive plan compensation, and other compensations.

Coming to the WWE stocks, it dropped as low as $29.10 in March after reaching the high of $100.45, last year. Since then, WWE had mass layoffs and talent cuts in April that were directly related to the budget cuts, which was reportedly planned during WrestleMania 36 season that helped the company be on the profit-side.

The business of live events didn't appear to be much profitable on WWE’s perspective but Vince McMahon is hell-bent on bringing those shows back as early as possible. He was trying to bring back fans by the end of July that won't be the case as WWE is dealing with some current coronavirus issues where several talents have been tested positive. But, the company wants the audience to be back by SummerSlam 2020 in August.

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Story first published: Wednesday, July 1, 2020, 12:47 [IST]
Other articles published on Jul 1, 2020
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