Vince McMahon retired as the chairman and chief executive of World Wrestling Entertainment on Friday amid an ongoing investigation into alleged misconduct.
The sporting company issued a statement from McMahon in which he thanked them and said he felt "extremely confident in the continued success of WWE".
The statement did not mention the ongoing internal investigation into McMahon, who has been accused of paying millions of dollars to female staff members to suppress several allegations of sexual misconduct and infidelity.
McMahon announced he would step down in June after the Wall Street Journal revealed he was under internal investigation over allegedly paying a departing female colleague $3 million following a consensual affair.
At the time, McMahon said he had would do "everything possible to support the investigation" and promised to accept its findings.
The Journal later reported McMahon had paid more than $12m to four women over the past 16 years — a much larger sum than initially reported in June. The four women had reportedly signed agreements with the WWE star barring them from discussing their relationships with him.
The allegations were just the latest in a career mired by controversies, including accusations he neglected the mental, physical and financial wellbeing of his employees.
His daughter, Stephanie, is now the chairwoman and shares chief executive duties with Nick Khan.
McMahon purchased WWE from his father in 1982 and transformed it from a small business into a global brand that reshaped the wrestling entertainment industry.
He often assumed the role of a pantomime villain in wrestling matches, playing on his status as the billionaire owner of the organisation.
His colourful appearances over decades of wrestling spawned a variety of online memes, often showing his animated face.
In one notable episode named the Battle of the Billionaires, McMahon faced off against then-businessman Donald Trump. The fight ended with McMahon being held down in a chair as the future president of the US shaved off his hair.
Aside from McMahon's own brand, WWE produced celebrities including Dwayne "The Rock" Johnson, John Cena and Hulk Hogan.
WWE's most recent signing is controversial YouTuber Logan Paul, who competed at WrestleMania 38 in April.
- with input from agencies
Wonka
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Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Company%20profile
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Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
KILLING OF QASSEM SULEIMANI
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
