Activist investor Nelson Peltz has sold all of his Disney shares, according to people familiar with the matter.
Peltz sold his stake for about $120 a share, making a profit of about $1 billion, the people said.
The development, first reported by CNBC, comes after Disney successfully fended off Peltz's demands to retain a seat on its board, formally ending a bitter proxy fight that has plagued the entertainment giant for months.
Peltz had been trying unsuccessfully to retain seats on Disney's board for himself and former Chief Financial Officer Jay Rasulo, but Disney announced at its annual shareholder meeting in early April that its current board members would remain in place after shareholder voters “widely” defeated its candidates.
Disney did not immediately respond to Yahoo Finance's request for comment.
Peltz's hedge fund, Trian Fund Management, held $3 billion worth of Disney common stock (including shares owned by Ike Perlmutter, the former chairman of Marvel Entertainment). The activist pushed again last year for an overhaul of Disney's board as the stock price hit multiyear lows.
At the shareholders' meeting, ahead of the results being announced, Peltz said Trian would continue to monitor the company's performance closely regardless of the vote.
“Long-term performance remains disappointing,” he said at the time.
Disney shares have risen about 12% since the beginning of the year but have fallen about 15% since the company defeated Peltz in the proxy fight.
Alexandra Canal She is a senior reporter at Yahoo Finance. Follow her on X translator, LinkedIn, Please email me at alexandra.canal@yahoofinance.com.
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