Peltz’s hedge fund lost a proxy battle involving the media conglomerate early last month.
Topline
Billionaire activist investor Nelson Peltz sold off his full stake in Disney on Wednesday, according to multiple reports, an exit made nearly two months after Peltz and his hedge fund, Trian Fund Management, lost its renewed proxy battle against the media and entertainment conglomerate.Key Facts
Peltz’s selloff was made at market close Wednesday at $120 per share, CNBC first reported, citing an unnamed person familiar with the matter.
Peltz made about $1 billion on the position, according to CNBC.
The selloff follows a high-profile proxy battle between Peltz and Disney that ended in early April after Peltz failed to secure board seats for himself and Jay Rasulo, Disney’s former chief financial officer.
