While billionaire investor Nelson Peltz may have lost his fight for a seat on Disney’s board in April, he just scored a financial victory by selling all of his Disney stock.
Peltz, the 81-year-old founding father of a multibillion-dollar hedge fund Triana Partnersmade $1 billion on the sale of its Disney stake, a source familiar with the matter said CNBC late Wednesday.
Peltz reportedly sold his stock for $120 per share; the stock is currently trading around $100 and Closed on Wednesday at $100.88.
Nelson Peltz, co-founder of Trian Partners. Photographer: Calla Kessler/Bloomberg via Getty Images
As of March 31, Peltz’s Trian Partners owned greater than 32 million shares of Disney stock. 13F filing to introduce.
Disney accounted for almost half of Trian’s shares at the time, in accordance with the same filing climbing from 16% in December 2022 when Trian began accumulating shares in Disney, as much as 49% in March 2024.
Peltz once wanted a seat on Disney’s board of directors, but after years of trying, he ultimately failed. He began his first board challenge in January 2023, but canceled trial a month later, after Disney implemented a cost-cutting plan.
In March, he published a presentation in which he outlined how he would change Disney by running again for a seat on the board.
At its April shareholder meeting, Disney announced that 12 of its beneficial board candidates had been chosen over Peltz and other candidates “by a significant margin.”
Peltz’s Trian Partners said that while they were “disappointed” in the consequence of the proxy battle, they were still “proud of the impact they had on Disney and will be “watching the company’s performance.”