World Wrestling Entertainment (WWE) stock fell on Wednesday after briefly spiking amid a report that Saudi Arabia’s Public Investment Fund (PIF) fund was buying the company.
A person familiar with the matter told Yahoo Finance it hasn't sold itself to Saudi Arabia’s Public Investment Fund or another entity. Early reports on Wednesday, most prominently from DAZN's Steven Muehlhausen, asserted that a deal to PIF was imminent. The original tweet was deleted.
The sale process — which kicked off last week amid the return of Vince McMahon to the board and as executive chairman after a departure due to sexual misconduct allegations — remains ongoing, the person told Yahoo Finance. WWE has increasingly expanded into the Saudi market in recent years.
WWE stock jumped as much as 7% after the early reports but sank after the company moved to dispel the rumors. The stock is up more than 25% so far this year.
Late Tuesday, co-CEO Stephanie McMahon — also Vince McMahon's daughter - resigned from her role. The sole CEO of the company is now Vince McMahon confidante Nick Khan.