Leucadia National is no longer a substantial shareholder in Fortescue Metals Group Ltd (ASX:FMG).
The US investment fund has confirmed it sold more than 92 million shares in an off-market sale, worth $584 million.
The fund has recently been in dispute with Fortescue boss Andrew Forrest over a plan to lower note payments.
The fund, a long time supporter of the Perth miner even had its own seat on the company board.
In the first half of the 2011 financial year Fortescue Metals generated a net profit of $309 million.
