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WWE Stock Falls Following Saudi Arabia Public Investment Fund Sale Rumors Denied

WWE

News circulated over the past 24 hours that World Wrestling Entertainment (WWE) was in the process of finalizing a sale to the Saudi Arabia’s Public Investment Fund (PIF), but has since been denied.

DAZN’s Steven Muehlhausen made the report early on Wednesday, but the report has since been shot down and the original tweet with the claims has been deleted, according to a report from ComingSoon.net.

According to Yahoo Finance, a person familiar with the matter confirmed that WWE hasn’t sold itself to Saudi Arabia’s Public Investment Fund or another entity and that the sale process, which kicked off last week, remains ongoing.

Naturally this impacted the market as WWE stock jumped as much as 7% after the early reports, but would sink following the rumors being dismissed.

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