BREAKING: Activist Investor Nelson Peltz Sells $1 Billion in Disney Shares After Lengthy Proxy Battle

If you follow along with The Walt Disney Company news, then you’re probably familiar with the lengthy proxy battle that took place ahead of the 2024 annual shareholders meeting.

©CNBC | Nelson Peltz

Activist investor Nelson Peltz and his Trian Group sought to attain a spot on Disney’s Board of Directors, but ultimately lost after shareholders voted in April. Now, we have a new update!

According to CNBC, Nelson Peltz sold his entire stake in the Walt Disney Company. All of his stock was sold at $120 per share, which means that he ultimately made $1 billion from the sales.

In October of 2023, CNBC reported that Peltz upped stakes to about 30 million shares, right before kicking off the latest proxy battle.

©CNBC | Nelson Peltz

The sales come a little over a month after Peltz and his partner Jay Rasulo (former Disney finance chief) lost the proxy battle and failed to earn seats on the Board after the April 3rd shareholders meeting.

Peltz’s campaign for seats took particular interest in Disney’s streaming difficulties, as well as the failed succession plan for CEO Bob Iger.

©Disney

“We are proud of the impact we have had in refocusing this Company on value creation and good governance,” Trian said in a statement following the April shareholder vote.

Currently, Disney is working on a new sports streaming service and will be partnering with Fox and Warner Bros. Discovery to do so. As far as Peltz’s concern with a successor goes, Iger says that candidates have been narrowed down and that the company has learned from the mistakes made during the last succession attempt with Bob Chapek.

©Venu Sports

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