Peltz Sells His Disney Stake After Losing Proxy Fight, CNBC Says

Activist investor Nelson Peltz has sold his entire stake in Walt Disney Co., CNBC reported, citing a person with knowledge of the matter.

Peltz’s Trian Fund Management LP was defeated last month in an effort to obtain Disney board seats when investors reelected the company’s full slate of nominees.

Trian controlled Disney shares worth more than $3.5 billion, though much of that stock was owned by Ike Perlmutter, the former chairman of Disney’s Marvel Entertainment.

Trian didn’t immediately respond to a request for comment.

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