Nelson Peltz Sells Entire Stake in Disney, Making $1 Billion in Profit

In a surprising move, activist investor Nelson Peltz has sold his entire stake in Disney, reaping a substantial profit of about $1 billion, according to a person familiar with the matter. Peltz sold off all his Disney stock at a price close to $120 dollars per share, making a shrewd move before the stock currently trading at around $100 per share.

This decision comes shortly after Peltz's Trian Partners lost a proxy battle at Disney in early April. Shareholders voted in favor of reelecting the company's existing board nominees, rejecting Peltz's attempt to secure a seat on the board along with former Disney Chief Financial Officer Jay Rasulo.

Peltz had been critical of Disney's governance, specifically targeting the company's streaming strategy and its failed succession plan for CEO Bob Iger. Peltz's Trian Partners had a strong focus on value creation and good governance, as stated in a statement following the April shareholder vote.

Despite this setback, shares of Disney have been performing well, with an 11% increase so far this year, slightly outpacing the S&P 500. However, Disney has not immediately responded to requests for comments on Peltz's exit.

The sale of Peltz's entire stake in Disney marks a significant change in ownership for the media giant. Investors will be closely watching to see how this move impacts the company's future direction and if any new developments arise in the wake of Peltz's departure.

As this story unfolds, stay tuned for any updates on this developing news.