02:10 PM EDT, 07/23/2024 (MT Newswires) -- Walt Disney ( DIS ) key independent shareholder Isaac Perlmutter has sold his entire stake in the company, The Wall Street Journal said Tuesday, citing communications with his investment adviser it has seen.

Perlmutter reportedly told the Journal in an interview that he sold his entire position of 25.6 million shares because of his lack of confidence in the company's management and expects the its share price and financial performance to slide further.

The sale was made between early April and mid-July at an average price of just below $115, the report added.

Disney ( DIS ) did not immediately respond to a request for comment from MT Newswires.

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