The Walt Disney Company is a multi-billion dollar company.
©The Walt Disney Company
Of course, that means that Disney has a LOT of shareholders and investors. The company does a lot of work to keep shareholders happy during quarterly earnings calls and, of course, the annual Investor Day. Now, a MASSIVE figure of Disney shares has been sold by a pretty prominent figure at the company.
According to Bloomberg, Disney Chairman Bob Iger sold $98.7 million worth of his shares in the company. He sold 550,570 shares at an average price of $179.21 at the start of the month, cutting his share by 50%.
Walt Disney Company Chairman Bob Iger
Iger described the move as an effort to diversify his portfolio. As a reminder, Iger will retire as chairman at the end of the year.
©Alberto E. Rodriguez / Getty Images
In a statement, Disney said, “The value of these shares reflects the significant shareholder value generated under his leadership.” Bloomberg noted that Disney’s stock has climbed over sevenfold since Iger first became CEO in 2005.
Bob Iger ©Bloomberg
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What an insane amount of wealth built on the backs of minimally compensated case members, many of whom were laid off.
At 70,000 cast members, that $100,000,000 represents about $1,500 apiece.
Interesting… is he cashing out in preparation for a major stock price drop,..? What does he know… or think?