Billionaire investor Nelson Peltz received the backing of a powerful individual, who is also a member of the billionaire club, during his battle for multiple seats on Disney’s (DIS) board of directors, a battle he eventually lost.
Elon Musk, the CEO of social media platform X, endorsed the investor claiming that Peltz’s appointment on Disney’s board would be beneficial for the media conglomerate.
Related: Billionaire investor has a problem with ‘woke’ Disney movies
“Nelson Peltz should definitely be on the Disney board!” wrote Musk in a tweet on X.
He also claimed that Peltz would “reform” Disney and would “significantly improve” the company’s stock.
Nelson Peltz should definitely be on the Disney board!
He would help reform the company, improve the quality of product and generally serve in the best interests of shareholders, as he has done at many other companies.
This would significantly improve Disney’s share price. https://t.co/JPa6dP7kbQ
— Elon Musk (@elonmusk) April 3, 2024
Peltz was in a proxy battle with Disney over seats on its board since the beginning of 2023. Trian Fund Management, a company that Peltz is CEO of, announced in January last year that Peltz was looking to join Disney’s board because he believes that the company is “in crisis.”
Shortly after the announcement, Disney urged shareholders to not elect Peltz to the board due to his lack of skills and experience for the position. He later requested another seat.
Trian Fund Management even launched a campaign last year called “Restore the Magic,” where it claims that “Disney has lost its way over the past decade” and that “the root cause of Disney’s underperformance is a Board that lacks focus, alignment, and accountability.”
Peltz, whose company has a $3 billion worth of shares in Disney, has recently been outspoken about his distaste for the recent direction of Disney movies. According to a recent interview with the Financial Times, he claimed that Disney movies were too “woke,” and that “people go to watch a movie or a show to be entertained” and that “they don’t go to get a message.”
Nelson Peltz, Tesla CEO Elon Musk and actress Nicola Peltz Beckham arrive for the premiere of the movie “Lola” at the Bruin Theatre, in Los Angeles, on Feb. 3, 2024.
LISA O’CONNOR/Getty Images
It is no surprise Musk endorsed Peltz during his proxy battle with Disney since he has made several comments admonishing “woke” culture and diversity, equity and inclusion (DEI).
In a post on X last year, Musk even wrote “DEI must DIE,” claiming that it was discriminatory.
Peltz has just lost his battle for seats on Disney’s board. During a vote on Wednesday, the majority of Disney shareholders voted to keep the company’s board intact, rejecting Peltz’s request for multiple seats.
“With the distracting proxy contest now behind us, we’re eager to focus 100 percent of our attention on our most important priorities: growth and value creation for our shareholders and creative excellence for our consumers,” said Disney CEO Bob Iger in a press release.
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