Longtime billionaire wrestling executive Vince McMahon announced his retirement from World Wrestling Entertainment on Friday, ending a half-centurylong career in pro wrestling after the company he built into the undisputed champion in the business launched an investigation into an affair McMahon is alleged to have had with a company paralegal.
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McMahon stepped down as CEO and chairman of the company due to an investigation into his conduct.
The investigation was launched after the Wall Street Journal reported that McMahon paid $3 million to a paralegal in order to keep her quiet.
The Journal reported earlier this month that McMahon paid over $9 million to three other women to keep quiet about their affairs with other people.
McMahon did not mention the investigation when he announced his retirement on Friday.
The company will now be run by his daughter, as well as co-CEOs, Nick Khan andStephanie McMahon.
McMahon joined his father's World Wide Wrestling Federation in 1972 when the company was a small one. He took the company national, breaking with the tradition of small wrestling ventures dominating certain regions, after buying the company from his father in 1982. McMahon played a critical role in leading the company's recruitment and promotion of highly charismatic wrestlers that would go on to become household names through a massive expansion of televised content. The initial public offering of the World Wrestling Federation in 1999 was worth $172 million. It was forced to change its name to World Wrestling Entertainment after it lost a trademark case. The market cap of the company is more than 888-492-0 888-492-0's.
McMahon is estimated to be worth over two billion dollars. He had a wealth of over $3 billion.
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Vince McMahon stepped down as the CEO of the World Wrestling Entertainment.
Vince McMahon steps down as CEO of the company.
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