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Updated at Noon: The WWE stock is currently trading at $29.34, down $2.53 (7.94%), on the announcement of Vince McMahon selling 3.34M shares of his stock to fund Alpha Entertainment.
Earlier Story:
The WWE stock is at $29.88 in premarket trading, down $1.99 before the markets even open in 20 minutes.
The drop in stock price is due to Vince McMahon's filing late yesterday that he has sold about $100 million worth of his stock to fund a new sports company, as well as filing for XFL trademarks. It seems that investors think bringing back the XFL is a bad idea.
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