Nelson Peltz has apparently decided not to try again for a Walt Disney Board seat in 2025, or he simply doesn’t have confidence in the Walt Disney Company. According to CNBC, the head of Trian Parners sold off his Disney stock when it was about $120 per share.
Some outlets post that Peltz sold his stock weeks after the April 4 board battle. But given the price he allegedly sold at, that is likely not the case. Going by the around $120 per share price he reportedly sold at, he likely sold off his shares soon after the Disney Annual Board meeting.
By April 12, the shares had dropped to about $114 and hit about $110 by May 1. If he had sold at around $120 per share, it would have been shortly after the proxy battle defeat, which was almost two months ago.
CNBC sources say he would have made about $1 billion from the stock. Since early April, the stock has continued to drop and is currently at about $100 per share.
Petlz joined forces with former Disney CFO Jay Rasulo and former Marvel CEO Ike Perlmutter to try to gain two seats on the Disney board.
After a costly battle, the board did not change.
The day before the Disney annual shareholder meeting the media stated that Peltz and Rasulo did not have enough votes to win and the current Disney board would likely remain. That news led to the stock’s decline ahead of the April 4th voting meeting.
Since then, the stock prices have fallen further.
The Walt Disney Board remained the same and is made up of the same people, including Bob Iger, whose choice put the company in the position it is now in.
It’s unclear if this news will impact the stocks in the immediate future. However, Peltz’s sell-off was likely awhile ago, going by the alleged price.
For some investors, Peltz’s interest in improving the stock performance of the Walt Disney Company led them to keep their stock. Now that he has possibly divested himself we may see others do the same.
What do you think? Comment and let us know!
Source: CNBC
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