Michael Burgess Sells Disney
Mr. Michael Burgess, the Republican Representative from Texas, recently sold between $15,000-$50,000 of Disney (DIS:US) stock on January 20, 2023. This comes on the back of many changes at the company, as the CEO has announced a major restructuring. Unfortunately for him, this looks to be poorly timed, as the stock has rallied to the mid $107 range after he sold at $103.48. This trade is in contrast with what Rep. Ro Khanna has been doing, as Mr. Khanna made four separate purchases of Disney in January of 2023.
Disney is a popular entertainment company that operates in various segments, including media networks, parks and resorts, studio entertainment, and consumer products. The company has a track record of creating popular content and expanding into new markets, such as its recent entry into the streaming video space with Disney+.
However, the stock has had a tumultuous couple of years after Mr. Bob Iger left the company to his hand-picked successor. And in November 2022, Mr. Iger was reappointed as CEO of the company. Last week, he managed to fend off a proxy fight by Nelson Peltz, a billionaire investor, and businessman known for his work as the CEO of Trian Fund Management. He did this by announcing a number of changes and vast business restructuring - which was the goal of Mr. Peltz’s proxy battle - that was subsequently dropped.
Michael Burgess is a Republican politician and US Representative for Texas's 26th congressional district since 2003. He is an avid advocate of conservative policies, specifically in healthcare and fiscal responsibility. Mr. Burgess, a former medical doctor, has been a vocal opponent of Obamacare and has proposed numerous alternate healthcare plans in the past. He is also a strong supporter of small businesses and a promoter of energy independence.
