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Vince McMahon, co-founder of World Wrestling Entertainment, stepped down from the parent company of WWE on Friday following accusations by a former employee of rape and sex trafficking.
McMahon was executive chairman of the TKO Group, the parent company of WWE. He no longer held a formal position with WWE but was the company’s largest shareholder.
The 78-year-old McMahon founded a company that would later become WWE in 1980 and built it into one of the largest entertainment conglomerates in the world.
“He will no longer have a role with TKO Group Holdings or W.W.E.,” Nick Khan, the company’s president wrote in an email, a copy of which was obtained by The New York Times.
There have been repeated accusations of sexual misconduct against McMahon. A special committee set up by WWE in 2022 found that over 16 years, McMahon had spent more than $14 million in hush money payouts to women who had accused him of sexual misconduct.
The lawsuit, filed on Thursday in U.S. District Court in Connecticut, accuses Mr. McMahon of trafficking the employee, Janel Grant, as well as physically and emotionally abusing her. The graphic complaint, which also named John Laurinaitis, a former W.
