Activist investor Nelson Peltz has sold his entire stake in Disneya person familiar with the matter tells CNBC.
Peltz sold all of his Disney stock for about $120 a share, the person said, making about $1 billion from that position. The stock is currently trading for around $100 per share.
The exit comes weeks after Peltz’s Trian Partners lost a proxy fight at Disney in early April, when shareholders re-elected the company’s entire slate of board nominees. Peltz had tried to elect himself and former Disney CFO Jay Rasulo to the company’s board.
Peltz has long had problems with Disney’s leadership. In October, CNBC reported that he had increased his stake in the company to about 30 million shares and restarted his proxy campaign, taking particular aim at Disney’s streaming strategy and a failed succession plan for CEO Bob Iger.
“We are proud of the impact we have made in refocusing this company on value creation and good governance,” Trian said in a statement following the shareholder vote in April.
Disney shares are up about 11% so far this year, slightly ahead of the S&P 500.
Disney did not immediately respond to a request for comment.
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2024-05-29 23:23:55
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