According to Seeking Alpha, former Marvel Entertainment CEO and chairman Ike Perlmutter has reportedly sold the entirety of his shares in The Walt Disney Company.

Ike Perlmutter Sells Disney Shares

Per the report, Perlmutter sold his 25.6 million shares after losing the proxy battle with the company alongside activist investor Nelson Peltz. He became a larger stakeholder in the company after Disney purchased Marvel in 2009.

According to the Wall Street Journal, as reported by Seeking Alpha, Perlmutter says he sold his shares because “he doesn’t have the confidence in Disney’s current management and expects the share price to fall further. If Disney shares were to drop to $65 to $75 a share, he expects to buy much of his old stake back.”

Peltz also sold all of his stake in Disney following his proxy battle defeat in April 2024. Peltz was previously awarded control of Perlmutter’s shares in October 2023, as he continued to push for a seat on the Board of Directors for The Walt Disney Company.

Disney stock ($DIS) is currently trading at $91.10 per share, having dropped 3.24% in price on July 23, 2024.

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