“World Wrestling Entertainment confirmed on Friday that former CEO and majority shareholder Vince McMahon will be reinstated to the company’s board.

“The company’s stock spiked 17% to more than $84 a share on the news of McMahon’s comeback.

““Today, we announce that the founder of WWE, Vince McMahon, will be returning to the Board,” WWE executives said in a Friday press release.

“The Board’s confirmation follows McMahon’s own announcement on Thursday that he intended to reinstate himself as executive chairman and launch an effort to sell the company.

“He also said he would bring back former co-presidents Michelle Wilson and George Barrios as board directors.”

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