Billionaire activist investor Nelson Peltz, who has repeatedly failed to gain a board seat with the Walt Disney Company, has reportedly sold his entire position in the company.

Nelson Peltz Proxy Fight

Peltz, the 81 year-old founding partner of Trian Partners, initiated a proxy fight in his battle for a board seat for himself and former Disney CFO Jay Rasulo, after making repeated requests for a seat on the board. Disney shareholders ultimately rejected the bid made by Peltz, handing him a humiliating defeat back in April.

Peltz had aligned himself with former Marvel CEO Ike Perlmutter and Rasulo to help spearhead the proxy fight, but ultimately Disney was successful in convincing shareholders that Rasulo and Perlmutter were disgruntled former employees seeking revenge, rather than corporate improvements. Trian insisted that they had no problem with Disney CEO Bob Iger, but rather the monolithic nature of the board. They even went so far as to have Professor Ludwig Von Drake to show shareholders how to vote.

Selling Out

Peltz appears to have finally waved the white flag in surrender, and sold his entire position this week, seemingly bringing his bold plan to an end. His stake was reportedly as large as 30 million shares. It’s not all bad news for Peltz, though. He reportedly sold his shares for approximately $120, raking in a tidy $1 billion on the deal. Disney (DIS) stock is currently trading at just north of $100 per share.

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