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Billionaire investor Nelson Peltz is now $1 billion richer after completely ditching a bitter proxy battle.
Peltz, who owns Trian Fund Management, sold his entire stake in Disney for $120 per share, adding an additional $1 billion to his piggy bank, according to a new report. a report From CNBC. Disney stock is currently selling for roughly $100 per share.
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“With the news that Nelson Peltz has relinquished his position, stock trading has dropped to $100 per share,” Doug Kass wrote. The Street Pro. “Given the general market correction, I expect Disney shares to fall into the low $90s to be an increasing possibility.”
The move from Peltz comes after Disney shareholders voted last month to reject his request for multiple seats on the Disney board after he claimed the company was “in crisis.”
Ahead of the vote, his company, Trian Fund Management, launched a campaign early last year called “Reclaim the Magic,” claiming that “Disney has lost its way over the past decade” and that “the root cause of Disney’s poor performance is a board of directors that lacks focus, alignment, and accountability.”
Peltz has also been very vocal about his distaste for Disney’s “woke” messages in its recent films and TV shows.
“People go to see a movie or a show for entertainment,” Peltz said in an interview. interview With the Financial Times in March. “They’re not going to get a message.”
Disney was against Peltz joining its board of directors, which is what happened to push Shareholders did not elect him due to his lack of media skills and experience.
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Peltz controlled a large amount of stock in Disney. In October, Marvel Chairman Ike Perlmutter granted Peltz voting rights to his 25 million Disney shares, increasing Trian Fund Management’s stake in Disney to about 33 million shares.
When Disney declined Peltz’s request to join the board last month, the company claimed it was “eager” to move forward on other priorities.
“With distracting agency competition now behind us, we are eager to focus 100% of our attention on our top priorities: growth and value creation for our shareholders and creative excellence for our customers,” Disney CEO Bob Iger said in a statement. press release.
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