New York City Comptroller Brad Lander explains Disney’s proxy fight in “Craman Countdown.”
Elon Musk on Wednesday defended Nelson Peltz in the activist investor’s proxy fight with Disney, saying he “definitely should” get a seat on the entertainment giant’s board.
“As he has done with many other companies, he will help reinvent the company, improve the quality of its products, and generally serve the interests of shareholders,” Musk said in X. “It’s going to be a huge improvement.”
“His track record is impressive,” Musk said in a later post.
The entertainment giant’s stock was hovering around $122 as of Wednesday morning, up more than 34% since the beginning of the year and more than 22% year-over-year.
George Lucas backs Bob Iger in proxy fight with Peltz, says ‘no one knows Disney better’
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| DIS | walt disney company | 122.16 | -0.68 | -0.55% |
Musk added that he would “definitely” buy Disney stock if Peltz wins a seat on Disney’s board of directors.
Late last year, Trian Group nominated Mr. Peltz and former Disney chief financial officer Jay Laszlo as director candidates, starting a fierce proxy fight and saying they could help restore the entertainment giant’s “magic.” insisted.
Nelson Peltz, founding partner of Trian Fund Management LP, speaks at the WSJD Live Conference in Laguna Beach, California, October 25, 2016. (Mike Blake/Reuters Photo)
Tryon said Disney “has made strategic and operational mistakes over the past decade that have resulted in poor financial performance and declining absolute and relative price returns, costing shareholders billions of dollars. I lost my way,” he claimed.
The company accused the board of “questionable strategic and capital allocation decisions, inadequate alignment of executive compensation, and suboptimal succession planning.” It also flags things like box office performance and linear television.
Disney has plans to win over the younger generation: video games
Disney refuted Mr. Tryon and Mr. Peltz’s claims.
In a website created for the proxy fight, the company said it is “actively executing on key strategic priorities that make Disney’s operations more efficient and effective, reinvigorating its creative engine, and “We have strengthened our focus on our largest brand and franchise assets.”
Disney also claimed that the director nominees are the “best qualified” to oversee the entertainment giant.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Disney director candidates include Mary Barra, Safra Catz, Amy Cheung, Jeremy Carlock, Carolyn Everson, Michael Froman, James Gorman, Maria Lagomasino, and Calvin. – Includes Mr. McDonald, Mark Park, Derica Rice, and CEO Bob Iger.
Bob Iger attends a special screening of Searchlight Pictures’ ‘Flamin’ Hot’ in Los Angeles on June 9, 2023. (Axel/Bauer Griffin/FilmMagic/Getty Images)
Others including legendary film director George Lucas and the Disney family Jamie Dimon, CEO of JPMorgan Chase, I’ve been supporting Disney and Iger in recent weeks.
The results of the vote are expected to be announced Wednesday afternoon during the entertainment giant’s annual general meeting.
The company is also in a proxy battle with investment firm Blackwells Capital.
