Billionaire activist investor Nelson Peltz has reportedly sold his entire stake in the Walt Disney Company. This decision comes after Peltz’s unsuccessful attempt to secure a board seat, a quest that ended in a public and decisive shareholder rejection earlier this April.
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Nelson Peltz, the 81-year-old founding partner of Trian Partners, initiated a proxy battle for a position on Disney’s board alongside former Disney CFO Jay Rasulo. Their campaign, however, faced significant challenges. Disney successfully argued to its shareholders that Peltz, along with his allies former Marvel CEO Ike Perlmutter and Rasulo, were motivated by personal grievances rather than a genuine intent to improve corporate governance. This narrative evidently resonated with shareholders, leading to Peltz’s defeat.
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Despite the setback, Peltz’s exit from Disney is not without financial consolation. Reports indicate that he managed to sell his substantial holding—estimated at 30 million shares—for around $120 each, netting approximately $1 billion from the transaction. This sale comes at a time when Disney shares are trading just above $100, suggesting that Peltz capitalized on favorable market conditions.
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