Social and electronic media are rife with rumors that Saudi Arabia’s Public Investment Fund has acquired the well-known wrestling organization WWE (World Wrestling Entertainment).
According to speculations, Vince McMoahn sold WWE’s stock to the Public Investment Fund of Saudi Arabia, which resulted in the company’s withdrawal from the public market and transition into a private company.
According to the sources, WWE, which has significant broadcasting agreements with US media outlets, maybe a key player in Saudi Arabia’s efforts to diversify its economy and reduce its reliance on oil.
On the other hand, others fully deny the claims of the Saudi purchase, arguing that WWE is still considering its offers and would reveal them later.
Without naming any specific individuals, a number of stories surfaced shortly after news of the Saudi buyout broke that several of the company’s best wrestlers planned to leave if the sale went through.
It’s also important to note that his daughter Stephanie McMahon announced her retirement as co-CEO and chairperson of WWE five days after McMahon rejoined the board of directors.
