WWE Executive Exits Spook Analysts and Erase $1 Billion in Value
Photographer: Amer Hilabi/AFP via Getty Images
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World Wrestling Entertainment Inc. plunged as much as 28% on Friday, erasing more than $1 billion in market value, after Chief Executive Officer Vince McMahon ousted two of the company’s top executives.
The news prompted multiple downgrades on Wall Street as several analysts said they have lost confidence in the company’s financial projections. The stock drop was WWE’s biggest decline in nearly six years, sending the shares to their lowest levels since May 2018.