Isaac Perlmutter Sells Entire 25.6 Million-Share Disney Stake After Proxy Fight Loss

Jul 23, 2024, 06:07 PM

Isaac 'Ike' Perlmutter, former Marvel Entertainment executive and one of the largest shareholders in Walt Disney Company, has sold his entire stake of 25.6 million shares. This move follows a proxy fight loss earlier this year, where Perlmutter, alongside activist investor Nelson Peltz, attempted to secure two seats on Disney's board. Perlmutter made up 75% of the Trian shares during the proxy battle. He cited a lack of confidence in the current management and anticipated poor performance as reasons for his decision. He indicated that he might repurchase shares if the stock price falls to between $65 and $75.