Disney Shareholders auctioned off their proxy votes on a legal website

A mystery bidder is willing to pay $100,000 for 500,000 votes at April's annual Disney shareholder meeting

In the latest development surrounding professional agitator and billionaire Nelson Peltz's ongoing efforts to disrupt Disney, a new avenue has emerged: the Shareholder Vote Exchange. This legal website allows stockholders to auction off their proxy votes to the highest bidder, with bids reaching $100,000 for 500,000 Disney votes at 20 cents per vote. At present, just over 22,000 votes are up for sale, with bids ranging from one vote to 5,000 votes. However, if the auction fails to reach 500,000 votes, no transaction will occur. The auction's significance lies not in the votes themselves but rather in the financial transactions they spark.

While the bidder remains anonymous, speculation points to entities like Trian or Blackwells Capital, both of which have targeted changes within Disney's board. Despite their efforts, the acquired votes represent only a fraction of Disney's total shares, with major shareholders such as Vanguard, BlackRock, and State Street holding significantly larger stakes. The auction's outcome could potentially impact key decisions at Disney's upcoming shareholder meeting, including board appointments and executive compensation packages. Nevertheless, the ultimate sway of the acquired votes appears limited given the dominance of major institutional investors in Disney's shareholder landscape.