Bob Iger and Nelson Peltz.
CNBC
Activist investor Nelson Peltz sold his entire stake Disney“A person familiar with the matter tells CNBC.
Peltz sold all of his Disney shares for roughly $120 a share, making about $1 billion from that position, the source said. The stock is currently trading at around $100 per share.
The exit comes weeks after Peltz’s Trian Partners lost a proxy battle at Disney in early April, with shareholders re-electing the company’s full slate of board nominees. Peltz was seeking to elect himself and former Disney CFO Jay Rasulo to the company’s board of directors.
Peltz has long objected to Disney’s governance. In October, CNBC reported that he had raised his stake in the company to about 30 million shares and relaunched his proxy campaign, focusing specifically on the company’s live-streaming strategy and CEO Bob Iger’s failed succession plan.
“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 outperforming the Standard & Poor’s 500 index.
Disney did not immediately respond to a request for comment.
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