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May 21, 2014 / 10:17 AM

Vince McMahon knocked off billionaire's list after WWE shares tumble

McMahon, who owns 52 percent of the WWE's stock, became a billionaire for the first time in 2000.

Vince McMahon. (UPI/Photo/Jim Ruymen)

1 of 2 | Vince McMahon. (UPI/Photo/Jim Ruymen) | License Photo

STAMFORD, Conn., May 21 (UPI) -- Vince McMahon is no longer a billionare, according to Forbes.

The 68-year-old professional wrestling promoter reportedly lost an estimated $350 million when World Wrestling Entertainment's shares dropped 49 percent in premarket trading on Friday.

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The stock's tumble came a day after the company announced it had landed a new television deal with Comcast Corp.'s NBCUniversal Cable Entertainment.

The WWE is attempting to get 1 million subscribers for its network before the end of the year as the company strives to make up for lost business in pay-per-view and video on demand.

McMahon, who owns 52 percent of the WWE's stock, became a billionaire for the first time in 2000.

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