Activist investor Nelson Peltz has sold his entire stake in disneya person familiar with the matter tells CNBC.
Peltz sold all of his Disney shares at about $120 each, the person said, making about $1 billion from the position. Currently, the stock is trading at about $100 per share.
The departure comes weeks after Peltz's Trian Partners lost a proxy battle at Disney in early April, when shareholders re-elected the company's entire slate of board candidates. Peltz had been looking to elect himself and former Disney CFO Jay Rasulo to the company's board of directors.
Peltz had long disagreed with Disney's governance. In October, CNBC reported that he had increased his stake in the company to about 30 million shares and had revived his proxy campaign, particularly targeting Disney's streaming strategy and CEO Bob Iger's failed succession plan.
“We are proud of the impact we have had in refocusing this company on value creation and good governance,” Trian said in a statement following the April shareholder vote.
Disney shares are up about 11% so far this year, slightly outperforming the S&P 500.
Disney did not immediately respond to a request for comment.
