watch
now
Activist
investor
Nelson
Peltz
has
sold
his
entire
stake
in
Disney,
a
person
familiar
with
the
matter
tells
CNBC.
Peltz
sold
all
of
his
Disney
stock
at
roughly
$120
a
share,
the
person
said,
making
about
$1
billion
on
the
position.
The
stock
currently
trades
for
about
$100
per
share.
The
exit
comes
weeks
after
Peltz’s
Trian
Partners
lost
a
proxy
battle
at
Disney
in
early
April
as
shareholders
reelected
the
company’s
full
slate
of
board
nominees.
Peltz
had
been
seeking
to
elect
himself
and
former
Disney
finance
chief
Jay
Rasulo
to
the
company’s
board.
Peltz
had
long
taken
issue
with
Disney
governance.
In
October,
CNBC
reported
he
upped
his
stake
in
the
company
to
about
30
million
shares
and
had
reignited
his
proxy
campaign,
taking
particular
aim
at
Disney’s
streaming
strategy
and
a
failed
succession
plan
for
CEO
Bob
Iger.
“We
are
proud
of
the
impact
we
have
had
in
refocusing
this
Company
on
value
creation
and
good
governance,”
Trian
said
in
a
statement
following
the
April
shareholder
vote.
Shares
of
Disney
are
up
about
11%
so
far
this
year,
slightly
edging
out
the
S&P
500.
Disney
didn’t
immediately
return
a
request
for
comment.
