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Billionaire investor Nelson Peltz lost a battle for a seat on Disney’s board of directors in April, but won financially by selling his entire Disney stake.
Peltz, 81, is the founder of a multibillion-dollar hedge fund. Trian PartnersHe made $1 billion by selling his Disney shares, a source familiar with the matter said. CNBC Late Wednesday.
Peltz reportedly sold his shares for $120 a share, but the stock is currently trading around $100. Closed It was at $100.88 on Wednesday.
Nelson Peltz, founding partner of Trian Partners. Photo by Kara Kessler/Bloomberg via Getty Images
Peltz’s Trian Partners held more than 32 million shares of Disney stock as of March 31. 13F Submission show.
At that time, Disney held nearly half of Trian’s shares, according to the same filing. climbing From 16% in December 2022 Began Increase Disney’s stake to 49% by March 2024.
Related: Hedge fund billionaire and Disney investor Nelson Peltz published a 133-page paper on how Disney needs to change. Here’s the abridged version:
Peltz had previously sought a seat on Disney’s board of directors but was ultimately unsuccessful after a multi-year effort. He first sought a seat on the board in January 2023, but To be cancelled The attempt came one month after Disney implemented a cost-cutting plan.
In March, he released a presentation outlining how he would change Disney as he seeks a second seat on the board.
Disney announced that its 12 recommended director candidates were elected “by a wide margin” over Peltz and other candidates at its April shareholder meeting.
Peltz’s Trian Partners said it was “disappointed” with the outcome of the proxy fight but remained “proud of the impact” it had on Disney and would “continue to monitor the company’s performance closely.”
Related: Disney and CEO Bob Iger prevail over hedge fund and investor Nelson Peltz after fierce boardroom battle