Vince McMahon is a professional wrestling promoter, film producer, retired professional wrestler, commentator, actor and film producer. He has a net worth of $1.2 billion.
Vince McMahon Net Worth: Career Beginnings
Vince was born on 24th August 1945. He followed in the footsteps of his father and grandfather who were wrestling promoters. His father was a promoter for CWC, Capitol Wrestling Corporation. CWC had been founded by Vince’s grandfather, Jesse McMahon. The company dominated wrestling in the 50s. Vince’s father began to run the company when Jesse passed on, with the help of Toots, its co-founder. Beginning as as a teenager Vince worked for his father at CWC.
Vince formed WWWF, the World Wide Wrestling Federation together with Toots in 1963. They sold tickets by making people anticipate their monthly events, instead of the usual bi-monthly events. By 1970, their events were selling out stadiums.
Vince helped to triple the number of TV syndication deals for matches. He renamed the company WWF, World Wide Federation. He even bought a coliseum that allowed them to promote concerts and hockey, in addition to wrestling. He became the chairman of WWE, World Wrestling Entertainment in 1980 and bought the company from his father 2 years later.
Vince McMahon net worth: How he made his money
Vince is best known as the Chairman, CEO and majority shareholder of WWE, World Wrestling Entertainment. He grew the company from a middle sized enterprise to a multi-billion dollar business. Vince owns about 57% of the company’s Class A common stock. As of May 2014, his stock was worth $480 million. One of the strategies Vince applied in the entertainment business was buying off competitors. He bought World Championship Wrestling for $5 million and Extreme Championship Wrestling making him the only wrestling promoter left by the mid-2000s. He brought his family on board in the business, giving them executive positions.
McMahon also wrestled in the WWE ring. He is a 2 time world champion. He won the WWF Championship in 1999 and the ECW World Championship in 2007. He also won the Royal Rumble in 1999.
The McMahons own shares in Apple and Target. They also own municipal bonds and have invested in private hedge funds.
Vince’s Greenwich mansion is worth $40 million. He also owns a vacation home worth $20 million and a penthouse in Manhattan worth $12 million. He is the owner of a 47-foot sports yacht named ‘Sexy Bitch’.