Wednesday morning, WWE stock (NYSE: WWE) saw a strong spike, even going up to 17% at one point. The sudden rise of the stock was first spotted by the WallStreetBest subreddit. The same thread on the site has identified the stock as “having potential” that’s possibly due for a few reasons. Obviously, the biggest being that the company will return to live events next month, video game sales are doing relatively well, recent talent cuts of huge stars, and rumors of a theoretical sale.
Economist Brandon Thurston, who specializes in the business and economics of wrestling companies tweeted out the rise as it was developing in real-time.
— Brandon Thurston (@BrandonThurston) June 9, 2021
“Who knows where this is going, but for those who love this stat,” Thurston added. “With WWE stock up 16% currently, the market value of Vince McMahon’s ownership (nearly 29 million shares) is currently almost $300 million more valuable than it was yesterday.”