Nelson Peltz sells entire Disney stake after failed board bid
- Billionaire activist investor Nelson Peltz sold off his full stake in Disney following a proxy battle loss.
- Peltz criticized Disney's board for their handling of former CEO Bob Chapek.
- The move raises questions about Disney's future performance in the eyes of Wall Street.
Disney investors are feeling calm now that activist investor Nelson Peltz has reportedly sold his stake in the company. After a battle for control, Disney CEO Bob Iger is focusing on growth and creating value for shareholders. Peltz, who had a significant stake in Disney, lost the board battle and decided to sell his shares. Despite falling short of Wall Street estimates, Disney's revenue increased in the second quarter, with streaming services showing potential for future growth. Peltz's decision to sell his stake in Disney came after he lost a proxy battle against the company. This led to a drop in Disney's stock price, but Trian Fund Management, Peltz's hedge fund, still holds a stake in the company. Peltz's net worth is estimated at $1.6 billion, mainly from his hedge fund. He previously tried to influence Disney's board but failed to secure seats for himself and another nominee. Bob Iger, Disney's CEO, has been leading the company through various challenges, including the rise of online streaming and succession planning. Peltz's attempt to shake up Disney's board was met with resistance from other shareholders, leading to his decision to sell his stake. Despite the setbacks, Disney continues to focus on delivering quality content and driving growth in its streaming services.