Nelson Peltz has sold all of his shares in Disney weeks after losing the proxy battle.
According to CNBC, a person familiar with the matter has revealed that the activist investor has sold his entire stake in Disney.
The person further said that Peltz has sold his Disney stock at a higher rate of roughly $120 a share, making about a total of $1 billion. Whereas, the stock of the company is currently trading for about $100 per share.
This came after Train Partners, a multimillion-dollar asset management firm by Peltz, lost a proxy battle in April 2024 after the shareholders of the company reelected full slate board nominees for the company.
Peltz wanted to elect himself, along with former Disney finance chief Jay Rasulo, to the board of the company.
After the shareholders vote in April, Train said in a statement, "We are proud of the impact we have had in refocusing this company on value creation and good governance.”
Moreover, Peltz had issues with the governance of Disney for a long time. In October, he increased his ownership in the company to about 30 million shares, restarted his proxy campaign, and also made an unsuccessful succession plan for CEO Bob Ig
er.
