Disney: Billionaire Nelson Peltz sells his entire stake in Disney, deal made with a profit of one billion dollars
Billionaire investor and activist Nelson Peltz has sold his entire stake in Disney. This has been claimed in media reports. The sale comes about two months after Peltz and his hedge fund, Trian Fund Management, lost their long-running proxy war against the media and entertainment conglomerate. According to reports, Pelts has sold its entire stake for a profit of about $1 billion.
Peltz sold all of his Disney stock at about $120 per share. Peltz’s hedge fund Trian Fund Management owned about $3.5 billion of Disney shares. According to an acquaintance, Pelts made a profit of about one billion dollars through this deal. The company’s shares are trading at around $100 per share. Disney shares are up about 11% so far this year.
The selloff comes weeks after Peltz’s Trian Partners lost a proxy battle to Disney in early April. Peltz was seeking to elect himself and former Disney finance chief Jay Rasulo to the company’s board.
Peltz has long been involved in a dispute with Disney administration. In October last year, CNBC reported that he had increased his stake in the company to about 30 million shares. There were persistent questions over Disney’s streaming strategy and a failed succession plan for CEO Bob Iger.
