Nelson Peltz sells his entire stake in Disney just weeks after the billionaire father-in-law of Brooklyn Beckham lost takeover battle with CEO Bog Iger

Billionaire Nelson Peltz’s Trian Fund Management has sold its entire stake in Walt Disney after a boardroom battle with the media giant.

Disney shareholders had last month backed CEO Bob Iger and other company executives after a multimillion-dollar mudslinging battle launched by Peltz and Blackwells Capital.

Their campaigns were separate, competing efforts, but both wanted change at the top at Disney.

As of March 31, the hedge fund was Disney’s fifth-largest shareholder with a 1.77% stake, according to LSEG data.

Last month, Disney shareholders backed CEO Bob Iger and the current board

In a video released online, Disney said Peltz has a long history of “attacking companies at the expense of shareholders” and said it would be “disruptive” and “value destroying” to involve him and his friend Jay Rasulo.

It sold the stake for almost $120 per share, CNBC reported, adding that Peltz earned about $1 billion.

Trian has declined to comment on the report, while Disney did not immediately respond to a request for comment.

Peltz – Brooklyn Beckham’s father-in-law – and his Trian Fund campaign had launched a campaign to win two board seats.

CEO of Trian Fund Management and Blackwells were seeking five seats on the board, arguing that the media company has bungled CEO succession planning, lost its creative spark and failed to make good use of new technology.

But Iger received the support of 94 percent of voting shareholders. Peltz received the support of only 31 percent.

Trian had said he was “disappointed” with the outcome, but noted that Disney’s share price had risen since it launched its campaign.

Meanwhile, Iger is said to be “overwhelmed and exhausted” after extending his contract for another three years as he battles falling stock prices and challenges to his leadership.

In October, Disney shares plummeted to a low of $78. Disney shares were trading at $100 each at close of trading on Wednesday.

Billionaire Nelson Peltz, pictured with his daughter Nicola – who married Brooklyn Beckham last year – launched his first proxy war in January, calling on Disney to ‘restore the magic’

Jay Rasulo (left) with Mickey Mouse and Bob Iger (center right) in 2005. The former CFO spent 30 years at the company. Iger recently revealed that the company will ‘quiet the noise around cultural issues’ as it has proven to be bad for business

In March, Disney lashed out at Peltz’s antics with a political-style video that trashed the activist shareholder’s motivations and qualifications.

In a video released online, Disney said Peltz has a long history of “attacking companies at the expense of shareholders” and said it would be “disruptive” and “value destroying” to involve him and his friend Jay Rasulo.

“Disney could suffer the same fate as other major companies Peltz has previously infiltrated, such as GE and DuPont. Nelson Peltz has a long history of attacking corporations at the expense of shareholder value,” the narrator claimed.

Disney argued that Peltz lacks insight into the challenges the company faces, and that his suggestions for improvement “are nothing new.”

Neither Peltz nor Rasulo have the skills to help Disney, the company said.

Peltz’s daughter, Nicola (pictured right), married Brooklyn Beckham last year

Brooklyn Peltz Beckham and wife Nicola Peltz Beckham are pictured in 2022

In September, Iger revealed that the company will quiet the noise around cultural issues as it has proven to be bad for business.

The company is embroiled in a legal battle with Florida Gov. and Ron DeSantis after former CEO Bob Chapek criticized the so-called “Don’t Say Gay” bill.

DeSantis targeted Disney’s special tax district, replacing its board with his allies and leading the charge to change the name from the Reedy District to the Central Florida Tourism Oversight District.

Before DeSantis’ chosen board took control, Disney created a development contract for future investments.

These were thrown out by the new administration, leading to a federal lawsuit.

Disney has since dropped much of its federal lawsuit against Florida’s governor.

Iger has extended his contract until 2026 and hinted that he will retire at that time, once a good successor has been found and appointed.

Meanwhile, Peltz’s daughter, Nicola, married Brooklyn Beckham in 2022 and is accused of being a “nightmare bride” in a new documentary about her bitter dispute with her wedding planners.