Billionaire Elon Musk is publicly backing activist investor Nelson Peltz in the proxy battle, the winner of which will determine the future of The Walt Disney Company.
Voting Ended on Tuesday Evening
Voting to select members of Disney’s board of directors came to a close on Tuesday evening, and those nominated by Disney CEO Bob Iger appear likely to win seats on the board. But that didn’t deter Tesla and Space X founder Elon Musk from chiming in on his social media platform, X, formerly Twitter, on Wednesday morning, saying:
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.
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
Elon Musk & Nelson Peltz
Musk went on to clarify that he is not currently a Disney Company shareholder. But he is known to have a good rapport with Peltz.
In February 2024, Musk and Peltz were seen together at the premiere of the film Lola, which stars Peltz’s daughter Nicola Peltz Beckham. Beckham also directed the film.
Though Musk is not a Disney shareholder at this time, he said that should Nelson Peltz win a seat on Disney’s board, he would “definitely” purchase a stake in the company, though it isn’t clear what size stake he would buy. Could it be that Musk has plans for a less-hostile takeover of The Walt Disney Company than the one Peltz has attempted in recent months?
For that answer, shareholders will have to wait and see. But when it comes to the results of the vote to select Disney’s newest board members, shareholders and non-shareholders alike can listen in to The Walt Disney Company’s shareholders’ meeting on Wednesday afternoon, beginning at 1:00 p.m. EST by clicking here.