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    Activist Investor Nelson Peltz Is Said to Sell His Disney Stake

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    A billionaire who was critical of Disney’s management, Mr. Peltz lost an expensive battle for a place on the company’s board.Nearly two months after losing an epic corporate battle to get on the board of the Walt Disney Company, Nelson Peltz is no longer an investor in the entertainment company.Mr. Peltz, the billionaire head of the hedge fund Trian Fund Management, controlled about $3.5 billion in Disney stock, a vast majority of it owned by Ike Perlmutter, a former chairman of Marvel Entertainment. Mr. Peltz has now sold his portion of those shares, a person familiar with the investment said, requesting anonymity to discuss confidential matters.A spokesman for Disney did not immediately return a request for comment.By selling his shares, Mr. Peltz is seemingly removing a thorn in Disney’s side. Mr. Peltz, an activist investor, began criticizing Disney’s management under Robert A. Iger, the chief executive, early last year, pointing to the company’s streaming strategy, lagging stock price and succession planning. He pulled back after Disney announced billions in cost reductions that sent its stock skyrocketing. But he re-emerged in December, pledging to push for two board seats.That battle came to a head in April when shareholders voted strongly in favor of the company’s current board of directors. The boardroom contest was one of the costliest in history: Trian spent about $25 million in its effort to woo investors, while Disney priced its defense at up to $40 million, according to securities filings.Mr. Peltz is not going home empty-handed, though. Disney’s stock has risen about 15 percent in the past year, closing on Wednesday at about $101. Mr. Peltz sold his Disney stock at $120 a share, the person familiar with this investment said. More

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      Elon Musk Backs Gina Carano’s Disney Suit Over ‘Mandalorian’ Exit

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      Gina Carano accused Disney and Lucasfilm of discrimination when they dropped her after she posted baseless conspiracy theories and right-wing views on social media.Elon Musk poked the Walt Disney Company anew on Tuesday by agreeing to fund a wrongful-termination lawsuit filed by the “Mandalorian” actress Gina Carano.“Please let us know if you would like to join the lawsuit against Disney,” Mr. Musk, seemingly trawling for other plaintiffs, wrote in a post on X, which he bought in 2022.Disney dropped Ms. Carano, a former mixed-martial artist, from “The Mandalorian” in 2021 after she espoused baseless conspiracy theories and right-wing positions, some of which were seen as homophobic and antisemitic, in a series of social media posts. Her character was written out of the series. Lucasfilm, the Disney division that makes “The Mandalorian,” said in a statement at the time that Ms. Carano’s “social media posts denigrating people based on their cultural and religious identities are abhorrent and unacceptable.”United Talent Agency also dropped Ms. Carano.Ms. Carano’s suit, filed on Tuesday in federal court in California, seeks a court order forcing Disney and Lucasfilm to weave her “Mandalorian” character back into episodes and recast her for the part. (Employed as a “guest actor,” she was paid $25,000 for each episode in which she appeared.) She is also suing for punitive damages.Mr. Musk has been throwing elbows at Disney and its chief executive, Robert A. Iger, since Disney and X’s other major advertisers, including Apple, paused spending on the platform in mid-November. The advertisers took action after Mr. Musk’s endorsement of an antisemitic conspiracy theory. He seemed especially angry about Disney’s decision to pull ads; other Hollywood companies, in particular, followed Disney’s lead.In internal documents at X, which were seen by The New York Times, sales employees have been notified that Disney has continued to pause advertising on the platform “globally” and “indefinitely.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More