Activist investor Nelson Peltz has sold his entire stake in the company Disneya person familiar with the matter told CNBC.
Peltz sold all of his Disney stock for about $120 a share, the person said, making about $1 billion on the position. The stock is currently trading for around $100 per share.
The exit comes weeks after Peltz's Trian Partners lost a proxy battle at Disney in early April when shareholders re-elected the company's entire list of nominees. Peltz had sought to elect himself and former Disney Chief Financial Officer Jay Rasulo to the company's board of directors.
Peltz had long had problems with Disney's management. In October, CNBC reported that he had increased his stake in the company to about 30 million shares and reignited his proxy campaign, focusing mainly on the company's streaming strategy and a failed succession plan for CEO Bob Iger.
“We are proud of the impact we have had in refocusing this company on value creation and good governance,” Trian said in a statement after April's shareholder vote.
Disney shares are up about 11% so far this year, which is slightly better than the S&P 500.
Disney did not immediately return a request for comment.
