Nelson Peltz boosts his Disney stake to nearly $600 million months after abandoning a proxy fight

• Nelson Peltz's Trian Partners recently added 500,000 shares of Disney, sources told Bloomberg.
• That brings the total stake to about 6.4 million shares.

Nelson Peltz's firm Trian Partners recently added about 500,000 shares to its Walt Disney stake, sources told Bloomberg.

Peltz had campaigned for a Disney board seat earlier this year before abandoning his efforts in February.

At the end of March, Peltz slashed his 9.4 million-share stake by 34%, but sources told Bloomberg that he has since purchased another 500,000 shares.

That brought his total holdings to 6.4 million shares, worth about $594 million based on Disney's Tuesday stock price of $92.

"Disney committed to strategic and operating improvements that generally aligned with the initiatives we had previously discussed with the company," Trian said in a Monday statement. "We believe these initiatives can create value and are monitoring management's execution closely."

Trian Partners had scooped up the initial 9.4 million shares in November at just under $92 per share. Peltz was critical of the company's $71 billion acquisition of Fox in 2019, and raised concerns about CEO Bob Iger's leadership.

Disney turned down Peltz's proposal for a board seat, citing his shaky media industry experience and questioning the ideas he was pitching.

By February, when Iger announced a $5.5 billion dollar cost-savings plan, the stock price had climbed to $118, prompting Peltz to end his proxy fight.