WWE lost $1 billion in a single day after their stock value dropped by 28% on Friday, according to reports from Bloomberg. This comes right after the news on Thursday that WWE had fired two of their top executives – George Barrios and Michelle Wilson.
WWE expecting bad financial reports
The company’s stock price took was hit instantly, with Dave Meltzer being one of the first to report on his twitter: “WWE stock price just dropped $9.55 per share in minutes.”
WWE’s official statement regarding the departure of Barrios and Wilson explained that they were released of disagreement with Vince McMahon on “how best to achieve our strategic priorities moving forward.”
The former executives will receive around $8 million in compensation each. WWE expects bad financial reports, which are due next week. Dave Meltzer believes that Barrios and Wilson were made scapegoats for this situation.
