Activist investor Nelson Peltz has sold his entire stake in Walt Disney Co. (DIS) weeks after losing a proxy battle against the entertainment company.
Peltz has reportedly sold the 30 million shares he owned in Disney stock. The sale was made at an average price of $120 U.S., earning Peltz a profit of $1 billion U.S. on his position.
Disney’s stock hit a 52-week high of $123.74 U.S. in April of this year before tumbling after the company’s latest financial results.
The stock currently trades at $100.88 U.S. per share having gained 15% in the last 12 months.
Peltz’s sale comes weeks after he lost a proxy battle at Disney as shareholders re-elected the company’s existing board members.
Peltz had been lobbying to elect himself and former Disney finance chief Jay Rasulo to the company’s board of directors.
Peltz had taken issue with Disney’s streaming strategy and succession plan for chief executive officer (CEO) Bob Iger.
Despite waging an aggressive campaign, Disney shareholders ultimately rejected Peltz’s proposed board overhaul in favour of the status quo.
“We are proud of the impact we have had in refocusing this company on value creation and good governance,” Peltz said in a written statement after the shareholder vote.
Disney stock today is trading 24% lower than where it was five years ago.
