Since leaving WWE and Sasha Banks behind, Mercedes Varnado has transformed her image into that of “The CEO” Mercedes Mone. By exploring the wrestling world outside of Stamford, Mone took risk after risk. Eventually, she found herself immersed in the varied styles the industry could offer. It’s one of the reasons her belt-collector gimmick in AEW and the international and independent scenes will be among her most historic eras, despite fan division.
As Sasha Banks, she left a strong stamp on WWE. Having manifested the WWE Women’s Tag Team Championship into existence is one of them.
Looking back further, her NXT rivalry and later main roster alliance with Bayley kick-started mainstream’s focus on the captivating stories in women’s wrestling. If that weren’t enough, Banks put on a banger of a match with Bianca Belair at WrestleMania 37, where they became the first black women to main event a night of WrestleMania.
She was never content with that, was she? No, absolutely not. Working in NJPW, AEW, and CMLL kept her in the limelight, but the work did not stop there. Mone’s had classic matches everywhere, and I do mean everywhere. But what about that makes her Ultimo Mone run so momentous?
The Rise and Downfall of Ultimo Mone
Once upon a time, there was a wrestler by the name of Ultimo Dragon. A Japanese luchador, Dragon, made history throughout the wrestling industry by amassing a staggering 11 championships simultaneously. He set the standard for being a belt collector. For every minor instance seen of this, like Dominik Mysterio or Kenny Omega, Dragon set the precedent. Yet, for 30 years, no one quite kept up with Ultimo Dragon.
Enter: Mercedes Mone. Signing with AEW in 2024, she soon won the TBS Championship from Willow Nightingale. She later stripped the NJPW Strong Women’s Championship from future WWE Women’s World Champion Stephanie Vaquer.
Like a magnet, Mone attracted gold, as promotions, big and small, across the globe that booked her. England, Canada, Poland, Scotland, and more. She amassed around 13-14 belts, quickly surpassing Ultimo Dragon’s record of 11. Eventually, she adopted the nickname “Ultimo Mone.”
Late in 2025, I wrote an article following Mone’s loss to then-AEW Women’s World Champion Kris Statlander. Centering on the spiritual belief of “aparigraha”, I posited that the CEO would stumble as she had before in challenging for the world title, as her materialistic mind clouded her ability to let go of possession to achieve direction. Soon after, Mone hemorrhaged belts left and right.
To date, as of March 29, 2026, she’s down to two belts. On March 31, she’ll compete with the winner of Winnipeg Pro Wrestling’s WPW Women’s Voyageur Cup Tournament at Fight at the Museum 4. This is ahead of AEW’s return to Canada on April 1, 2026. If she loses, she’ll only be down to her APAC Women’s Championship.
What Did Ultimo Mone Do for the Industry?
VICE contributor Haley Miller wrote that Mone’s belt-collector gimmick not only added a shine to her name but also shone a light on women and promotions. Bookers lined up to feature the megastar, and women were stoked to have the dream match with her.
Competing against Mercedes Mone at this point in her career is a milestone. It may have been strangely ill-received by some fans online, but considering there are people who loyally flock to Mone’s appearances. In that effort, these women have been exposed to wider audiences through the CEO.
Furthermore, with the dominance Mone exuded over her belts from 2024-25, each of Mone’s title losses established the winners of her gold. Local wrestling fans who may not have stepped foot into the independent scene now have a place where Mone left her mark. This is crucial for indie talents who can make a bigger impression.
I wouldn’t be surprised if this increases local public interest or intensifies scouting measures from more promotions, maybe even big companies.
Over the past two years of active competition, Mercedes Mone did what few others would set out to do—rejecting the usual big paydays of WWE and the obsolete “glory” of WrestleMania moments. Instead, she opted for spreading the word of pro wrestling like Mildred Burke before her.
This is what wrestling used to be: stars just bouncing from company to company as an attraction. And she used that to tell a story of greed and insecurity. That’s something I wish more huge wrestling stars would take.
Where Does Mercedes Mone Go From Here?
As addressed with the earlier aparigraha, the many losses she’s taken have left footprints in the concrete foundations of pro wrestling. She’s done something unthinkable. The Ultimo Mone run may have been unpopular for some. Feeling as though she was burying talent across the world and charging large amounts of cash for the chance to message her weirdly didn’t sit well with people.
No one made them watch (which I’m sure they didn’t). She didn’t personally force people to pay to text her. WWE gets away with exorbitant ticket prices disproportionate to the arguably poor TV content. One woman decides to make business decisions that no one has to partake in while limiting fan interaction on her terms, and she’s vilified.
Rant aside, when the dust is all settled, Mercedes Mone’s accomplishments in and out of WWE and AEW will be remembered long after she hangs up the boots. Wrestling isn’t just about white voices, straight voices, or male talents. I don’t care about the voices of the detractors of what she’s done, nor do I take them seriously concerning this whatsoever. I’m confident that Mercedes Mone will go down in the books as one of pro wrestling’s needle movers.
With the last of her belts dwindling, we might never see Mercedes Mone at this caliber of influence. Now she will be freer than ever to focus on AEW full-time. I don’t know if she’ll stay there or if she’ll one day return as Sasha Banks, but she’s never content with staying in one comfortable place.
That’s what brought her to this. Who knows, maybe we’ll never see a run like Ultimo Mone, probably not in our lifetime. That’s why, when the moment happens, take it in and accept that the good times are over and the best is yet to come.
