After losing April’s proxy battle at Disney, Nelson Peltz has decided to completely separate himself from the company in a bold way.
What’s Happening:
- CNBC reports that activist investor Nelson Peltz has sold his entire stake in Disney.
- At around $120 a share, Peltz is estimated to have made somewhere near $1 billion from the sale.
- Disney stock trades for about $100 per share currently.
- This comes on the tail end of a tumultuous proxy battle where Peltz attempted to elect himself and former Disney Chief Financial Officer Jay Rasulo to the company’s board.
- Peltz took issue with CEO Bob Iger and the company's streaming strategy and was hoping to take the reins.
- The April election saw shareholders re-elect Disney’s full board of nominees icing out Peltz.
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