Vince McMahon lost $350 million as of market close on Friday, as shares in his WWE took a beating from investors. The stock was down more than 40% since the market open. In fact, the stock, which had closed just below $20 on Thursday, opened down below $11. That immediately knocked the WWE boss out of the billionaire ranks, putting his net worth now at an estimated $750 million .

The stock fell after news that WWE had signed a new television deal with NBCUniversal for less than some investors had hoped. Benchmark analyst Mike Hickey estimated WWE got a 50% raise over its last TV agreement, but he expected the new deal to pay WWE double or triple its previous one.

“The company’s valuation could take a heavy beating this morning, as the new domestic TV deal with NBCUniversal likely disappointed investors,” he wrote in a report downgrading the price target for the company’s stock from $29.12 to $19.96.

WWE executives kept an even tone but offered little additional guidance. “We never commented publicly on the expectation,” said George Barrios, chief strategy and financial officer. “We said we were undervalued by the math that we had done."