Trian Group put forward Nelson Peltz and Jay Rasulo as board nominees late last year, kicking off a heated proxy battle and arguing they could help 'restore the magic.'
Elon Musk on Wednesday advocated for Nelson Peltz in the activist investor’s proxy fight with Disney, saying he "should definitely" get a seat on the entertainment giant’s 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," Musk said on X. "This would significantly improve Disney’s share price.
Musk added that he would "definitely" purchase Disney shares if Peltz won a Disney board seat. Trian Group put forward Peltz and former Disney CFO Jay Rasulo as board nominees late last year, kicking off a heated proxy battle and arguing they could help "restore the magic" at the entertainment giant.
Disney, for its part, has pushed back on Trian and Peltz’s claims. "We have aggressively executed our key strategic priorities to make Disney’s business more efficient and effective, reinvigorated our creative engines, and sharpened our focus on our greatest brand and franchise assets," the company said on a website it created for the proxy fight. Disney has also argued its board nominees are "best qualified" for overseeing the entertainment giant.
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