Disney's Bob Iger may be celebrating today after Nelson Peltz's latest move

• Billionaire Nelson Peltz is no longer an investor in Disney.
• Peltz fought a pricey proxy battle with Disney CEO Bob Iger over its board but lost.

Billionaire hedge fund founder Nelson Peltz has sold his stake in The Walt Disney Company after losing a pricey proxy battle with CEO Bob Iger.

Peltz, the activist investor who founded Trian Partners, once controlled about $3.5 billion in Disney stock. But he has now sold all his shares, according to The New York Times.

Peltz became a vocal critic of Disney, hammering its streaming division's losses, unstable stock performances, and uncertain succession plans. Peltz eventually nominated himself and former Disney CFO Jay Rasulo to Disney's board of directors in December 2023.

But in April, shareholders voted to support Iger and Disney's current board, blocking Peltz and Rasulo from taking the two spots.

Peltz's decision to sell his shares now appears to be the end of his war with the entertainment company.

Representatives for The Walt Disney Company did not immediately respond to Business Insider's request for comment. Representatives for Trian declined to comment.

At its height, Trian controlled about 1.8% of Disney's shares, most of which belonged to Ike Perlmutter, a former Marvel Entertainment chairman Disney fired in March 2023.

Peltz's proxy battle may have been the most expensive in history, with various parties spending an estimated $70 million on the campaign.

Despite losing the battle, Peltz may have made up to $300 million from its investments in Disney, according to The Wall Street Journal.