Technology
Thursday, May 30th, 2024 4:28 pm EDT
Key Points
- Nelson Peltz sold his entire stake in Disney, amounting to about $1 billion at roughly $120 per share, while the current trading price is around $100 per share.
- The sale follows Trian Partners’ loss in a proxy battle at Disney in early April, where Peltz and Jay Rasulo were not elected to the board.
- Peltz had criticized Disney’s governance, particularly targeting the company’s streaming strategy and CEO succession plan, and had increased his stake to about 30 million shares last October.
Activist investor Nelson Peltz has divested his entire stake in Disney, amounting to a sale of roughly $1 billion worth of stock at about $120 per share, while the current trading price stands at around $100 per share. This move follows Trian Partners’ loss in a proxy battle at Disney in early April, where shareholders opted to reelect the company’s full board slate, preventing Peltz and former Disney finance chief Jay Rasulo from joining the board. Peltz had been critical of Disney’s governance, specifically targeting the company’s streaming strategy and the handling of CEO Bob Iger’s succession plan. In October, it was reported that Peltz had increased his stake in Disney to approximately 30 million shares and resumed his proxy campaign. Despite the proxy battle loss, Trian Partners expressed pride in their influence on refocusing Disney towards value creation and improved governance. Disney’s stock has risen about 11% this year, marginally outperforming the S&P 500. Disney has yet to comment on the matter.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/05/29/nelson-peltz-sells-disney-stake.html
