Billionaire Nelson Peltz sold his entire stake in Disney, deal done with a profit of one billion dollars
Disney: Peltz and his hedge fund, Trian Fund Management, made this sale nearly two months after losing their long-running proxy war against the media and entertainment group. According to reports, Peltz has sold his entire stake for a profit of about $ 1 billion.
Billionaire investor and activist Nelson Peltz sold his entire stake in Disney on Wednesday. This claim has been made in media reports. Peltz and his hedge fund, Trian Fund Management, made this sale nearly two months after losing their long-running proxy war against the media and entertainment group. According to reports, Peltz has sold his entire stake for a profit of about $ 1 billion.
Peltz sold all his Disney stock at a price of about $ 120 per share. Peltz's hedge fund, Trian Fund Management, held Disney shares worth about $ 3.5 billion. According to a person familiar with the transaction, Peltz profited by approximately $1 billion. The company's shares are currently trading at around $100 per share. Disney's stock has risen by about 11% so far this year.
This sale comes just weeks after Peltz's Trian Partners lost a proxy battle with Disney in early April. Peltz was attempting to elect himself and former Disney finance chief Jay Rasulo to the company's board.
Peltz has long had a feud with the Disney administration. Last October, CNBC reported that he had increased his stake in the company to approximately 30 million shares. He had repeatedly raised concerns about Disney's streaming strategy and a failed succession plan for CEO Bob Iger.
