Big news has come from Wall Street that could significantly impact the future of the Walt Disney Company. It’s no secret that Disney has been facing some tough times in the last year, and it is essential that the company turns that around as soon as possible. It was just revealed that a Billionaire hedge fund manager has reinvested in the Walt Disney Company after dropping his shares last year. This is huge news for the company, which has a lot at stake right now.
Billionaire Lost Hope for Disney Back Nit Long Ago
The billionaire in question is David Tepper. Tepper is the co-founder and hedge fund manager of Appaloosa Management L.P., one of the most prominent hedge funds in the world. Tepper is a competitive businessman, and he has become insanely wealthy through his work. David Tepper’s net worth is over $16.7 billion.
During most of last year, 2022, Tepper is reported to have owned a 50,000-share stake in the Walt Disney Company. Things began to change as the Walt Disney Company began to upset shareholders with its performance. The Disney stock price had declined to a 52-week low, and soon after, CEO Bob Chapek announced a hiring freeze within the company. Chapek had disappointed investors with his performance, and Tepper sold his shares in the company.
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Billionaire Buys Disney Stock Once Again after Dumbing Shares in 2022
We have just learned that Tepper has reinvested in the company during the fourth quarter. Tepper’s Appaloosa Management now owns 300,000 shares of Disney. While we don’t know for sure, many belive that Tepper reinvested in the company after Bob Iger returned as CEO. Regardless, Tepper’s reinvestment in the Walt Disney Company is an excellent sign for Disney’s turnaround.
Right now, the Walt Disney Company is entering an exciting time where they are planning a ‘drastic evolution’ for their streaming platform. Iger has big plans for the company’s future, and it’s great news for him that hedge fund billionaires like Tepper are again backing the company.