Even though billionaire investor Nelson Peltz whitethorn person lost nan battle for a Disney committee spot successful April, he conscionable scored a financial triumph by trading each of his Disney stock.
Peltz, nan 81-year-old laminitis of multi-billion dollar hedge money Trian Partners, has made $1 cardinal by trading his liking successful Disney, a root acquainted pinch nan matter told CNBC precocious Wednesday.
Peltz reportedly sold his banal astatine $120 a share; nan banal presently trades astatine astir $100 and closed astatine $100.88 connected Wednesday.
Nelson Peltz, founding partner of Trian Partners. Photographer: Calla Kessler/Bloomberg via Getty Images
Peltz's Trian Partners owned complete 32 cardinal shares of Disney arsenic of March 31, nan firm's latest 13F filing shows.
Disney made up astir half of Trian's holdings astatine that point, per nan aforesaid filing, climbing from 16% successful December 2022, erstwhile Trian began amassing a liking successful Disney, to 49% successful March 2024.
Related: Hedge Fund Billionaire and Disney Investor Nelson Peltz Published 133 Pages connected How Disney Should Change. Here's nan Short Version.
Peltz erstwhile wanted a spot connected Disney's committee of board but was ultimately unsuccessful aft a multi-year effort. He launched his first committee situation successful January 2023, but called off nan effort a period later, aft Disney implemented a cost-cutting plan.
In March, he published a presentation outlining really he would alteration Disney successful a renewed push for a committee seat.
Disney announced astatine its April shareholder gathering that its 12 recommended committee nominees were elected complete Peltz and different nominees "by a important margin."
Peltz's Trian Partners stated that while they were "disappointed" pinch nan proxy conflict outcome, they were still "proud of nan impact" they had connected Disney and would beryllium "watching nan company's performance."
Related: Disney and CEO Bob Iger Triumph Over Hedge Funds and Investor Nelson Peltz, After Fierce Board Fight