(CNN) – Businessman and real estate mogul Steve Wynn has been accused of sexual misconduct in a new article from the Wall Street Journal.
Shares of Wynn Resorts, of which Wynn is the founder and CEO, plunged more than 10% Friday after the story broke.
The Journal said it had spoken to more than 150 current and former employees as part of its reporting.
Wynn called the allegations preposterous in a statement sent to CNN.
Wynn is also a well-known Republican donor and the finance chairman of the Republican National Committee.
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