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Hedge Fund Billionaire Backs Disney CEO Despite Controversies

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Walt Disney Company CEO Bob Iger — who recently returned from a well-paid ‘retirement’ position to take the lead role from now-former CEO Bob Chapek — does not seem to be very popular with his co-workers; however, the Disney CEO’s leadership style and plans for Disney (which he recently shared amidst some controversies and in-house shakeups) apparently appealed to at least one powerful billionaire!

According to a new filing on MarketWatch, the billionaire David Tepper bought a hefty portion of Walt Disney Company stock towards the end of 2022. David Tepper had previously abandoned his Disney stock in the third quarter of 2022, but abruptly repurchased it after Bob Iger returned and Bob Chapek left.

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Walt Disney Co. stock has risen since Walt Disney Co. CEO Bob Iger has replaced former CEO Bob Chapek and announced plans for massive layoffs.

David Tepper leads Appaloosa Management LP, and Appaloosa gave up 50,000 shares of Disney in 2022 (while also giving up its shares in Netflix)– but according to this new filing, Appaloosa has now not only purchased more shares in Disney stock to replace that 50,000; Appaloosa has also increased the number of purchased shares to 300,000!

The Hedge Fund has not shared any more information about this decision, but this (and the fact that Walt Disney Company stock rose rapidly after CEO Bob Iger revealed plans to lay off at least 7,000 people) suggests that Wall Street and its investors are becoming more reassured with Iger at the helm than they did when Chapek held the reins.

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Walt Disney stock has seen a rise since the return of Bob Iger. Credit: Disney

This supposed newfound confidence in the Walt Disney Company comes as disputes within the company are coming to a head, mainly involving wage disputes, Iger’s recent mandate about office hours despite the ongoing COVID-19 pandemic, and the incumbent wave of layoffs.

Bob iger Disney Stock Up

Walt Disney stock saw a rise after Iger announced the new plans for Disney (and the layoffs) in February 2023.

Has your confidence in Disney CEO Bob Iger, and the Walt Disney Company in general, wavered in the last year? Let us know on Facebook, Instagram, and Twitter!

About Sharon

Sharon is a writer and animal lover from New England. Sharon's two main focuses in her work are Disney's correlations with pop culture and the significance of Disney princesses (which was the basis for her college thesis). When she's not writing about Disney, Sharon spends her time singing, dancing, and cavorting with woodland creatures!

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