Going in circles.
Photo: Gary Hershorn/Getty Images
Well, folks, we’ve just seen the financial equivalent of a guy saying you’re ugly only after you’ve rejected him. Following his proxy-battle loss for the House of Mouse, investor Nelson Peltz has sold every single one of his Disney stocks, CNBC reports. His entire stake in the behemoth sold for roughly $120 per share, netting about $1 billion on the sale, says a person familiar with the matter. The “activist investor” tried and failed to instate himself and former Disney CFO Jay Rasulo to the board early last month, arguing that the company needed to “Restore the Magic” and juice up the stock price. Shareholders rejected his campaign by a landslide 94 percent of votes, putting to bed what CEO Bob Iger called a “distracting proxy contest.”
