Billionaire investor Nelson Peltz may have lost the battle for a Disney board seat in April, but he just scored a major financial win by selling all of his Disney stock. Peltz, the 81-year-old founder of Trian Partners, has made a whopping $1 billion by selling his stake in Disney, according to a source familiar with the matter.
Reportedly selling his stock at $120 a share, Peltz’s move comes as the stock currently trades at around $100, closing at $100.88 on Wednesday. Trian Partners owned over 32 million shares of Disney as of March 31, making up nearly half of the firm’s holdings at that point.
Peltz’s journey with Disney has been a tumultuous one, as he once sought a seat on the board of directors but was ultimately unsuccessful after a multi-year effort. Despite launching his first board challenge in January 2023, Peltz called off the attempt a month later following Disney’s implementation of a cost-cutting plan.
In March, Peltz published a presentation outlining how he would change Disney in a renewed push for a board seat. However, at the April shareholder meeting, Disney announced that its 12 recommended board nominees were elected over Peltz and other nominees “by a substantial margin.”
While Trian Partners expressed disappointment with the proxy battle outcome, they stated they were still proud of the impact they had on Disney and would continue to monitor the company’s performance. Peltz’s financial success in selling his Disney stock serves as a silver lining in his otherwise unsuccessful board seat pursuit.