I haven’t watched wrestling in forever, but I’ve always remembered Vince McMahon, the WWE’s larger-than-life CEO. Whenever I watched the WWE and McMahon appeared, I knew something crazy was going to go down, because he not only oversaw the financials of the whole business but also got to be a little theatrical, playing the part of the villain and going up against fans’ favorite wrestlers. However, today McMahon probably feels like he got Stone Cold Stunnered because according to Forbes, he apparently lost $350 million in the past 24 hours. There was a combination reasons for the huge loss of money, but most experts are pointing to the main reason being the WWE’s stock severely dropping after the announcement of a new TV deal on Thursday.
While the amount of money is quite staggering, McMahon isn’t the only CEO to face stock problems like this. Here are three other business executives who got walloped by the stock market and lost millions of dollars all in one day.
Chip Wilson – Lululemon Athletica
While technically not the CEO of Lululemon, Wilson is the company’s founder. He lost over $600 million in 2013 after shares in Lululemon dropped down 17.5%. The reason for the sudden drop was credited to the departure of Christine Day, Lululemon’s CEO of over five years. Many people believed that Lululemon would not be successful without Day.
Jeff Bezos – Amazon
Just this past April, stock prices for Amazon dropped down by 10%. This large dip was bad enough for Amazon as a company, but it was particularly damaging to Beezos. According to Forbes, he reportedly lost $2.8 billion of his stake in the company in just one day.
Mark Pincus – Zynga
Zynga CEO, Mark Pincus, might have it worse than every other guy on this list. He didn’t just lose millions of dollars on one day but multiple days. Reportedly, after seeing his shares drop from $1.3 billion to now being worth less than $250 million over seven months back in 2012, Pincus loses more than $200,000 an hour, or $4 million a day.
Maybe Vince McMahon can look to his fellow businessmen and realize that while he might be in pretty bad shape right now, he’s not the first person to have gone through this, and he won’t be the last.
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