World Wrestling Entertainment shares are in the midst of a bloodbath normally reserved for the ring following the sudden resignation of co-presidents George Barrios and Michelle Wilson.

WWE stock has plunged 19% to $50.76 at 10:28 a.m. Friday, a bad loss, but better than the 25% premarket tumble. At Thursday’s close, WWE (ticker: WWE) stock was down 35% since its April 23, 2019 peak.

The...