WWE is a publicly traded company and has to control their movements at all levels. The alleged bribery scandal uncovered by The Wall Street Journal came at a bad time, as the company was posting the best share value records since the start of the COVID-19 pandemic.
When the case came to light, Vince McMahon made the decision to step aside and provisionally resign of his duties as CEO and Chairman of the WWE Council, making way for his daughter Stephanie McMahon to take control of the company until everything is clarified. this movement was carried out to stop a possible stock market crash and, for the moment, we could say that it has been achieved, in part.
Observing the progression in the last few days, the value of WWE shares on the stock market has been gradually declining and it is still above 60 dollars, but it is clear that the case of the alleged bribes has not helped the company to maintain values close to 70 dollars. WWE closed the day yesterday with the shares with a value of 61.02. The last time this figure was recorded was on May 20, coinciding with the departure of Stephanie McMahon. From that moment, the shares began to increase in value until the peak that occurred before the leak of the alleged bribes (June 15).
We will have to wait for the following events in WWE to see how they are reflected in the stock market. The company enters a phase of great shows, starting with Money in The Bank and ending at Clash at The Castle, with SummerSlam in between. The effect of the show in Cardiff could be very positive, given that several records are expected to be broken on European soil. Meanwhile, WWE will have to clarify what happened to Vince McMahon and John Laurinaitis while they are being investigated, not only internally, but by other law firms.
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