WWE Chairman and CEO Vince McMahon is no longer a billionaire after company stocks dropped today.

Forbes report that McMahon lost $340 million on Friday alone as WWE released details of a new TV deal.

Wrestlingrumors.net reported that WWE stocks stood at $10.34 on Friday morning, down considerably from their peak of $31.98.

It is believed that the sudden drop in prices is in relation to the new TV deal with WWE struck with NBCUniversal to return to their networks. As a result WWE have failed to meet the expectation that they would dramatically increase their television income.

However, there are also worries about the performance over WWE Network and doubts over the sustained ability of the company to attract new subscriptions. Currently subscriptions are less than half of the desired 1.5 million at the moment.

The company had come off a string of successful events including the 30th edition of Wrestlemania which drew a capacity crowd at the New Orleans Superdome.

WWE fans will be hoping that McMahon and the company are able to turn this defeat around and continue to make money.

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