$DIS Nelson Peltz, an activist investor and one of the founding partners of Trian Fund Management, sold all his holdings in Disney after his defeat in the proxy battle against the company.
Peltz sold his shares at approximately $120 per share, which yielded him a profit of approximately $1 billion.
The investor's proxy battle lasted several months and included Peltz's attempt to secure seats on Disney's board for himself and Jay Rasulo, Disney's former chief financial officer.
At the annual shareholders' meeting in April, Disney announced that the existing board would remain unchanged after a vote that gave the company a significant victory.
Peltz's battle stemmed from his frustration with Disney's financial performance and CEO Bob Iger's management, especially regarding the succession plan for his role.
However, after the loss, Iger can fully proceed with his plans for Disney's expansion and growth, including changes to ESPN channels and the expansion of the company's theme parks and cruise ships.
Peltz's decision to sell the shares reflects his frustration with the failed battle and his view that long-term problems still exist in the company's performance.