Nearly two months after losing an epic corporate battle for a seat on The Walt Disney Co.'s board of directors, Nelson Peltz is no longer an investor in the entertainment company.
Mr. Peltz, the billionaire head of hedge fund Trian Fund Management, owns about $3.5 billion in Disney stock, most of it owned by former Marvel Entertainment Chairman Ike Perlmutter.Mr. Peltz has now sold some of his holdings, said a person familiar with the investment, who asked not to be identified discussing confidential matters.
A Disney spokesman did not immediately respond to a request for comment.
Peltz appears to be trying to take a bite out of Disney by selling his stake. The activist investor began criticizing Disney's management team, led by CEO Robert A. Iger, early last year, pointing to the company's streaming strategy, its sluggish stock price and its succession plans. He walked back his criticism after Disney announced billions of dollars in cost cuts and its stock price soared. But he reemerged in December, promising to campaign for the appointment of two directors.
The fight came to a head in April when shareholders voted strongly in favor of the company's current board of directors. The board fight has become one of the most expensive in history, with Trian spending about $25 million to court investors and Disney spending up to $40 million to defend itself, according to securities filings.
But Mr. Peltz isn't leaving empty-handed: Disney shares have risen about 15% over the past year and closed at about $101 on Wednesday. Mr. Peltz sold his Disney shares for $120 a share, according to a person familiar with the investment.