In a recent TKO SEC filing, it was revealed that WWE President Nick Khan is preparing to sell almost 30,000 shares of his stock for a total value of over $4.5 million.
The transaction was conducted Rule 10b5-1, which is framework for corporate executives (working with a broker) to outline how, when and what quantity of shares they will be buying or selling that are ultimately executed automatically. It protects the executives from violating trading laws since they would be considered "insiders" with key restricted information about the company.
Below is a screenshot of the filing:
