Nelson Peltz, a prominent activist investor, has sold his entire stake in Disney following a loss in a highly contested proxy battle

The development comes after Disney successfully defended against Peltz’s attempt to secure board seats at the company. This marks the end of a contentious proxy battle that had been a thorn in the side of the entertainment giant for several months.

Peltz had been vying for board seats for himself and former Disney CFO Jay Rasulo, but his efforts were ultimately unsuccessful. At Disney’s annual shareholder meeting in early April, it was announced that the current board would remain intact following a stockholder vote that favoured the company’s slate “by a substantial margin.”

Peltz’s hedge fund, Trian Fund Management, had owned $3 billion of common stock in Disney. The activist investor had renewed his push to shake up Disney’s board last year as the stock price hit multiyear lows.

Despite the setback, Peltz stated that Trian would continue to monitor the company’s performance. Since the start of the year, Disney shares have risen about 12% but have fallen roughly 15% since the company defeated Peltz in its proxy fight.