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Activist investor Nelson Peltz sold his entire stake in Walt Disney (NYSE:DIS).
Peltz's Trian Fund Management sold out of his Disney (DIS) shares at around $120 a share, according to a CNBC report, which cited a person familiar with the matter. Trian made about a $1 billion on the investment.
Peltz's exit comes weeks after the activist lost out in a proxy battle with Disney. Disney's proposed slate of directors was re-elected to the board at its annual meeting in April - beating a pair of rival slates from Nelson Peltz's Trian and Blackwells Capital in what became the most expensive proxy contest ever.
Trian had nominated Peltz and former Disney Chief Financial Officer Jay Rasulo for the board.
“While we are disappointed with the outcome of this proxy contest, Trian greatly appreciates all of the support and dialogue we have had with Disney stakeholders," Trian said after the vote in April. "We are proud of the impact we have had in refocusing this Company on value creation and good governance."
Most of Peltz's stake was through shares owned by billionaire ex-Marvel Studios Chairman Isaac Perlmutter.
Peltz previously tried to run for a seat on Disney's (NYSE:DIS) board, following the company's rejection of his request to become a director. He withdrew his nomination in February 2023 after Disney (DIS) announced major cost cuts. At the time, Peltz insisted that Disney (DIS) CEO Bob Iger had to deliver on his promises.
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