Ike Perlmutter Sells Entire Disney Stake

Ike Perlmutter, former chairman of Marvel Entertainment, has sold his entire stake of 25.6 million shares in Disney after losing a proxy battle against CEO Bob Iger, expressing a lack of confidence in the company's current management. Following the shareholder vote in April, which re-elected Disney's board and rejected Perlmutter and activist investor Nelson Peltz's campaign, Perlmutter sold his shares at an average price of just under $115. Disney's stock has since fallen 26% from its 52-week high, currently trading around $91.22. Perlmutter indicated he might consider repurchasing shares if prices drop to between $65 and $75. This divestment raises concerns about Disney's financial health, especially as both Perlmutter and Peltz have exited their positions. Disney's next earnings report is set for August 7, which may further influence stock performance.