WWE Chairman and CEO Vince McMahon recently sold shares of the company worth more than $22 million, according to an SEC filing on Tuesday.
McMahon, 73, converted 306,000 shares of Class B common stock to Class A stock, then sold the shares for prices ranging from $74.12 to $75.49, the filing said. Those shares netted McMahon his $22 million windfall.
WWE shares fell more than 2 percent in trading Tuesday.
While McMahon’s reasons for selling the stock are unclear, the move comes as he prepares to relaunch the XFL, a professional football league set to challenge the NFL. The XFL will begin play in 2020, having previously folded in 2001 after just one season.
McMahon will host a press conference announcing the eight city locations for the XFL’s inaugural teams on Wednesday. The WWE chief previously sold shares worth $100 million to finance the league.
The proceeds represent a fraction of McMahon’s net worth, which stood at $2.9 billion as of this week, according to Forbes calculations. McMahon still owns more than $2.3 billion in WWE stock.