Nelson Peltz, the boss of activist hedge fund firm Trian Fund Management, has sold his entire stake in Walt Disney Co weeks after losing a proxy battle in April at the entertainment giant, according to a report by CNBC.
The report cites an unnamed source in revealing that Peltz sold his Disney stock at roughly $120 per share, making about $1bn on the position. Disney’s shares are currently trading at around $100 per share, having lost nearly 9% in the past three months.
In a high-profile proxy battle, Peltz and Trian had been attempting to secure two seats on Disney’s board – one for Peltz and the other for the entertainment giant’s former CFO Jay Rasulo – but were thwarted when shareholders voted to re-elect the existing 12-member board by a substantial margin.
