Nelson Peltz, a prominent American billionaire and investor, recently sold all of his Walt Disney Co. shares for approximately $1 billion, according to CNBC. Sources close to the matter indicate that Peltz executed the sale in early April after failing to secure board representation for his representatives within the company.
Peltz has been critical of Disney’s management team, particularly regarding their strategy for streaming services. Despite his efforts, Disney shareholders did not support the candidates he nominated for the board of directors, instead expressing confidence in CEO Bob Iger.
The news of Peltz selling his shares caused a slight decline in pre-market trading on May 30th. However, Disney’s overall market capitalization has seen an impressive increase of 11.7% since the beginning of the year, totaling $183.9 billion as reported by Interfax.
Born in 1942, Peltz is known for being a founding partner of Trian Fund Management and holding various executive positions in companies such as Wendy’s Company, Sysco and Madison Square Garden Company. Throughout his career, he has been involved in several successful acquisitions and financial ventures including the sale of Snapple to Cadbury Schweppes in 2000 and the establishment of Trian Fund Management along with his business partners in 2005. His estimated personal wealth by Forbes is $1.6 billion.
