McMahon stepped down from his role at TKO amid a sexual misconduct lawsuit. (John Moore/Getty Images)

Vince McMahon, founder of the WWE professional wrestling promotion, has sold more than $400 million of his stock in TKO Group, the company formed out of the merger between the WWE and UFC.

The embattled US businessman has filed for the sale of 5.35 million shares of TKO stock worth almost $412 million.

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McMahon sold WWE to international sports and entertainment giant Endeavor and in 2023 the company combined the wrestling business and mixed martial arts promotion UFC under the TKO Group banner.

The announcement of the sale of the shares comes after the already controversial McMahon was embroiled in a wide-ranging sexual misconduct and sex trafficking lawsuit. McMahon also resigned from his executive chair role in TKO group in the wake of the lawsuit.

As of August, McMahon reportedly held around 28 million shares in TKO, with this latest sale meaning that he has sold almost half of that initial amount.

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McMahon now seems to be coming closer to divesting completely from TKO, having previously sold a significant portion of his stake in the business in November 2023.

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Endeavor directors are reportedly looking to free themselves of association with McMahon in all capacities, with the WWE founder a controversial figure, having already been embroiled in several high-profile lawsuits over the years.

In 2022, he was found to have made $19.6 million in unreported payments, reportedly used as hush money to cover up claims of sexual misconduct committed by himself and other prominent figures.

The rumors of Endeavor owner Silver Lake potentially looking to privatize the venture could further this, as the move will be made easier without stocks being floated on the stock exchange.