Vince McMahon is no longer part of the billionaire list after losing nearly a third of his fortune today, according to Forbes.
World Wrestling Chief may have bought himself a ticket to the no-longer-billionaire-list after he reportedly lost a whopping $350 million out of his wealth.
Forbes reported that because McMahon's company's stock has crashed today, the WWE chairman and CEO has lost a considerable amount of money from his net worth.
WWE's new streaming online video network is reportedly not replacing its pay-per-view revenues until 2015, Business Insider has learned.
Vince McMahon's wealth was previously estimated at around $1.1 billion, but after today's events, we just couldn't say the same anymore.
The WWE chairman is said to have lost more than 30% of his wealth when his stocks plummeted from $19.93 to $11.27.
Analysts said this is the largest drop to WWE's crash since its 1999 IPO.
The crash was reportedly due to the fact that WWE's new television deal with NBC Universal was not as lucrative as investors had expected.
Investors said that they were expecting the new deal to give the company a boost. While investors thought the deal would be worth between two and three times as the previous deal, the contract's value was actually expected to bring in a mere 50% increase, Forbes explained.
In a statement released by the company yesterday, it expressed the need of having 1.3 million to 1.4 million subscribers to its online streaming service in order for it to replace revenues it is losing from its monthly pay-per-view events.
The monthly pay-per-view service used to cost around $50, but is now priced at $9.99 for WWE Network subscribers.
As of late, the WWE Network has around 670,000 subscribers.
On March 20, Vince McMahon achieved the billionaire status for the first time since 2000 after the new TV contract gave the stock price a pitch to a record high of $31.39 within the first three months of 2014.
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