Activist investor Nelson Peltz reportedly scored a $150 million profit in his 3-month proxy fight against Disney
According to people familiar with the investment, Peltz scooped up 9.4 million shares of Disney at just under $92 per share in November, making the total purchase worth about $865 million.
On Thursday, Disney stock briefly surged to a six-month high, hitting $118 per share. That intraday high made Peltz's stake worth $1.1 billion, representing a paper profit of just under $250 million. Disney stock has trended lower and traded at $108 on Friday, putting gain at around $150 million.after Iger announced a restructuring plan that is expected to save the media giant $5.5 billion in costs and cut 7,000 employees.
"Now Disney plans to do everything we wanted them to do. We wish the very best to Bob [Iger], this management team, and the board. We will be watching. We will be rooting. The proxy fight is over," Peltz told CNBC on Thursday.
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