Forbes: Vince McMahon no longer a billionaire, loses $350 millio - New York News

Forbes: Vince McMahon no longer a billionaire, loses $350 million in one day

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As the old saying goes, what goes up, must come down. Wrestling legend Vince McMahon, who took the WWE from a regional north east promotion, to national prominence, is no longer a billionaire.

Forbes says the World Wrestling Entertainment chairman and CEO lost a massive chunk of his fortune, up to $350 million, when the company's stock tanked on Friday.

The WWE promised that their new streaming online video network 'WWE network,' would quickly garner a million subscribers upon launch.

The initial excitement about the network and a potential new television contract with NBC Universal caused the stock price to jump up, closing at a record high of $31.39 on March 20. 

This price increase helped McMahon become a billionaire for the first time since 2000.

Unfortunately, the excitement was short lived as they only reached around 670,000 subscribers and still need around 1.4 million subscribers to replace lost revenues from their monthly pay-per-view events, which previously cost around $50 but are now available to WWE Network subscribers as part of their $9.99 monthly fee.

Investors were also expecting the new NBC Universal deal to be worth between around three times as much as the previous one, when in fact the contract's value is expected to be a mere 50% increase.

McMahon's wealth was previously estimated at around $1.1 billion.

He lost more than 30% of his fortune in Friday's crash, which sent the stock plummeting to $11.27.

It's the biggest crisis for WWE since the mid 1990s, when Ted Turner's WCW defeated the WWE week after week in the Monday Night Wars, nearly bankrupting Mcmahon. 

The WWE held their ground, and after a long struggle, they beat WCW in the ratings, and eventually bought out their long time rival becoming the sole dominant wrestling promotion in North America.

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