Activist Investor Nelson Peltz Sells Entire Disney Stake for $1 Billion

Activist investor Nelson Peltz has made a significant move in the world of entertainment giants by selling his entire stake in Disney. According to a source familiar with the matter, Peltz sold his position at a price of around $120 a share, resulting in a return of about $1 billion.

This development comes after a highly contested proxy battle between Peltz and Disney, where Peltz was seeking to secure board seats for himself and former Disney CFO Jay Rasulo. However, Disney successfully fended off Peltz’s efforts, with the current board remaining intact following a stockholder vote at the company’s annual shareholder meeting in early April.

Peltz, the founding partner of Trian Fund Management LP, had been a vocal critic of Disney’s performance, especially as the stock price hit multiyear lows. Despite the outcome of the proxy battle, Peltz had vowed to closely monitor the company’s performance moving forward.

Since the start of the year, Disney shares have seen a 12% increase, but they have fallen approximately 15% since the company defeated Peltz in the proxy fight. The sale of Peltz’s stake marks a significant shift in the landscape of Disney’s shareholder base.

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