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In his first appearence, Ghost was hired by an unknown employer to kill Tony Stark. Learning about this, Madame Masque draws him out by posing as Tony Stark as she suspected that her father hired him. Whitney ends up captured by Ghost to lure Tony out. While James Rhodes uses Madame Masque's mask to pose as Tony, Iron Man freed Whitney and fought Ghost. Ghost, however, says that he can't beat him, he can't follow Tony and protect him forever. He also mentions he wasn't hired by Stane. Hearing this, Whitney manages to buy him off with some of his father's money (ten million dollars) to have Ghost leave Stark alone.
Afterwards, it is revealed that A.I.M. was his actual employer. Still working for them, he springs the Living Laser from the S.H.I.E.L.D. Helicarrier so that he can help power up MODOC. Later at the AIM base, he leaves when Iron Man attacks stating to the Scientist Supreme "You don't have that much money".
Ghost then appears as one of Madame Masque's disguises.
Ghost is later hired by Obadiah Stane to steal Iron Man's armor. He damages a helicopter for Iron Man to save so Ghost can follow him. When he reaches the Armory, he sees Tony Stark taking off his armor, revealing his identity to him. He easily subdues Stark and downloads the armor specs from the Armory terminal and takes the Mark II helmet so he can't follow him.
Iron Man goes after him in the Stealth Armor in an attempt to stop him, but even after War Machine came to help, the Ghost got away with the armor plans. Ghost had sold the armor specifications to Obadiah Stane and Justin Hammer. When an angry Iron Man finally caught up to him, he beat him down. But Ghost delivers an ultimatum, harm him and Iron Man's true identity gets uploaded to the internet. Ghost said that he decided not to tell anyone his secret identity until he turns 18, at which time he inherits the Stark fortune and his identity is much more valuable to blackmail. Iron Man, defeated, lets him go.
In his final "real" appearence, Ghost is on a mission to steal SHIELD data and a sample of an adamantium/vibranium alloy from Justin Hammer's own thief, Black Widow. He infiltrates Hammer Multinational and tracks the sample to his floating ocean fortress. Widow, Iron Man, and Ghost all fight for it, but in the end Ghost leaves with the data after he threatens Justin to drop it or he turns solid where he stands". He later gives it to his main employer, Obadiah Stane.
Ghost is last seen as an hologram, giving Iron Man Armor's specifications to Stane.
Ghost is a very calm and self-confident person, and is often sarcastic toward his victims. He's highly cunning and can imagine brilliant strategies to succeed his missions.
However, despite he has no problems to kill his targets, he isn't truly evil, he just does his job. He is more motivated by greed than by true malevolence and can eventually betray his employer and let his targets alive if they propose him a better offer.
It should also be noted that, contrary to almost all the others enemies of Iron Man, Ghost doesn't hate Iron Man at all, and lets him alive on many occasions where he could have killed him.
- It's notable that, unlike the vast majority of supervillains in animated series, Ghost always succeeds, even in his first appearance when he was hired to kill Tony Stark, he didn't failed, he just accepts a better offer.
- Due to the fact that Iron Man's secret identity became public in the last episode, it's probable that Ghost can no longer blackmail him.