Billionaire activist investor Nelson Peltz sold his entire stake in Walt Disney on Wednesday following a contentious boardroom dispute with the media giant, according to a person familiar with the matter.
Nelson Peltz Sells Entire Stake in Walt Disney
The source told CNBC that Nelson Peltz sold all his Disney stock at around $120 a share, with the billionaire making some $1 billion. As of March 31, Peltz's Trian Fund Management was Disney's fifth-largest shareholder, with a 1.77% stake.
The exit came weeks after Disney prevailed in the proxy fight against Peltz's Trian Partners in early April as shareholders voted to reelect the company's full board.
Peltz failed to win a seat as shareholders reaffirmed their support for Disney CEO Bob Iger and other directors following a mud-slinging campaign launched by Peltz and Blackwells Capital.
Peltz and Blackwells both sought changes at Disney, criticizing its CEO succession planning, creative direction, and use of new technology. They wanted to secure five board seats as they pushed for changes within the company.
Disney CEO Bob Iger Retains 94% Votes of Shareholders
Despite their efforts, Bob Iger retained the backing of 94% of voting shareholders, while Nelson Peltz garnered 31% support.
With this outcome, Trian expressed disappointment but acknowledged that Disney's stock had increased since the campaign began. Disney and Peltz have yet to provide official statements on this development.
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