A person familiar with the matter has informed CNBC that activist investor Nelson Peltz has recently divested his entire stake in Disney.
According to a source, Peltz decided to sell off his entire Disney stock at a price of approximately $120 per share, resulting in a profit of around $1 billion. The current trading price of the stock is approximately $100 per share.
In a recent development, Peltz’s Trian Partners has decided to exit. This decision comes in the wake of their loss in a proxy battle at Disney a few weeks ago, where shareholders reelected the company’s entire board. Peltz had been attempting to secure a seat on the company’s board alongside former Disney finance chief Jay Rasulo.
Peltz has consistently raised concerns about the governance practices at Disney. In October, CNBC reported that he increased his stake in the company to approximately 30 million shares and resumed his proxy campaign, focusing on Disney’s streaming strategy and an unsuccessful succession plan for CEO Bob Iger.
In a statement released after the April shareholder vote, Trian expressed their pride in the impact they have made in refocusing the company on value creation and good governance.
Disney’s stock has seen a solid 11% increase this year, just barely surpassing the performance of the S&P 500.
Disney has yet to respond to a request for comment.
