Disney stock is dropping daily, and today, the media is reporting that ex-Marvel Chairman Ike Perlmutter has been selling off his stock over the past months. Perlmutter had famously teamed up with Nelson Peltz and Trian Partners to angle for two seats on the Disney board.
Perlmutter acquired his stock when Marvel was sold to Disney in 2009. He was in charge of Marvel until 2023 when he was cut as part of the company-wide layoffs Bob Iger promised shareholders. Some saw this as retaliation for Perlmutter standing with Nelson Peltz in his attempt at a Walt Disney Co. board seat in 2023.
Like Nelson Peltz, Perlmutter has sold his 25.6 million shares for about $3 billion, divesting himself of Disney.
The sales took place between early April, likely after the voting meeting, and mid-July.
He has been selling it for a couple of months, but since the news was released, it will be interesting to see if the Walt Disney Company stock numbers drop even lower.
Perlmutter is fine with the stock dropping, and according to the Wall Street Journal, if the stock drops down to $65-$75 per share, he will repurchase the stock to the original amount he had before selling.
The stock prices are going to depend on a few things. 1. How the Q3 earnings are, especially theme park and streaming numbers. 2. If Disneyland cast members go on strike. 3. What Disney announces at the D23 Expo and how well the announcements are received. The time frame for development may also impact the stock price as Disney needs to move quickly to stay competitive.
At the time of this article, the stock is at $90.94, down from $94 yesterday and $95.60 two days ago.
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Source: Wall Street Journal
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