(edit: no, he really didn’t. more at the bottom.)
According to this article (among others) Bob Iger sold off 80% of his shares in the past 12 months.
https://www.msn.com/en-us/money/companies/ceo-bob-iger-slashes-disney-stake-by-80/ar-BB1iUSR0
Allegedly going from over a million shares to 186,674 shares…
But wait…. according to the SEC filings, he has direct ownership of 166,166 shares at the end of 2022, and almost 184,260 shares in January of 2024. His indirect shares (wife and 401k) have no remarkable change either.
https://www.sec.gov/Archives/edgar/data/1744489/000174448922000244/xslF345X03/wf-form4_167218565155675.xml
https://www.sec.gov/Archives/edgar/data/1744489/000174448924000045/xslF345X05/wk-form4_1705105428.xml
He does seem to have drastically reduced his position across the course of 2022 but the records are confusing to me.
He had 886,531 shares after his tax sales at the beginning of the year, but then near the end of the year — with no recorded Form 4 transactions intervening — he files a new Form 3 with only 150,000 shares. I didn’t think he could sell without filing Form 4, but the share count certainly went down. Maybe the Form 3 restates no longer available Form 4s, or the transactions were on some other kind of filing? Maybe they were given away and not sold (for example put into trusts for children or charity as shares, without ever being sold).
https://www.sec.gov/Archives/edgar/data/1744489/000174448922000024/xslF345X03/wf-form4_164134884768001.xml
https://www.sec.gov/Archives/edgar/data/1744489/000174448922000207/xslF345X03/wf-form3_166915657560387.xml
I have a lot of questions, but what I mostly want to know is, is this journalist misreading the data or am I? Did Iger really sell heavily in 2023-2024, and why did his share count change with little record in 2022?
(Or perhaps this article is a repost with a new date, changing it from something that *was* true at some particular point in time to something that is misleading? The specific numbers still don’t make sense to me, but the broad outline would.)
Edit: It looks like he did not. Thanks to u/Puzzleheaded_War6849 who found the source of the number in a 14A filing from January 2022, and reminded me of Iger’s retirement. There’s no record of his sales in 2022 because he *wasn’t an insider* until he was re-hired towards the end of the year, hence filing a new ‘initial’ declaration of holdings on November 20th, 2022. This means that the article is using old data (whether it’s a republished article or a confused journalist I don’t know). We could speculate that Iger did not trust Chapek’s leadership since he was heavily selling during his time outside the company, but we cannot draw any conclusions about the current direction of Disney.
https://www.sec.gov/Archives/edgar/data/1744489/000119312522012592/d249883ddef14a.htm#toc249883_46
