Nelson Peltz Sells Entire $DIS Stake After Proxy Battle, Earning $1 Billion

May 29, 2024, 09:46 PM

Activist investor Nelson Peltz has sold his entire stake in Disney ($DIS) following a recent proxy battle defeat, according to a report by CNBC. Peltz's investment firm, Trian Partners, dissolved its Disney holdings, which included 32 million shares, at approximately $120 per share, earning about $1 billion. The sale comes weeks after Trian's unsuccessful attempt to elect Peltz and Jay Rasulo to Disney's board. Disney shares were down 0.7% following the news. The proxy fight at Disney also involved significant legal expenses.