Activist Investor Peltz Sells All Disney Shares

Complete Sale After Defeat in Board Seat Vote Battle

Activist investor Nelson Peltz reportedly sold all his shares in The Walt Disney Company after losing a board seat battle, CNBC reported on the 29th (local time), citing sources.

[Image source=Reuters Yonhap News]

According to sources, Peltz sold his Disney shares at $120 per share, earning approximately $1 billion.

Trian Partners, led by Peltz, called for governance reforms last year, citing Disney's poor management. As part of this effort, Peltz and former Disney Chief Financial Officer (CFO) Jay Rasulo demanded board seats. However, the shareholder meeting held in early April this year, decided by a proxy fight, ended in a decisive victory for Disney's management.

Disney did not comment on the report. Currently, Disney's stock is trading at around $100 per share. The stock has risen about 11% this year, slightly outperforming the S&P 500 index.