Walt Disney shareholder Isaac Perlmutter sold $3bn stake due to loss of confidence in management during a proxy fight.

Walt Disney shareholder Isaac Perlmutter sold his entire $3bn stake in Disney after losing confidence in the company's management during a proxy fight over activist shareholder Nelson Peltz's appointment to Disney's board. Perlmutter, a significant investor who gained his stake when he sold Marvel Entertainment to Disney in 2009, plans to repurchase his shares if Disney's share price drops to a range of $65 to $75.