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."
"His track record is excellent," Musk said in a subsequent post.
The entertainment giant's stock price hovered around $122 on Wednesday morning, up more than 34% from the start of the year and over 22% from a year ago.
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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.
Trian has claimed Disney "has lost its way in the past decade, making strategic and operational missteps that have resulted in deteriorating financial performance and poor absolute and relative stock returns, costing shareholders billions."
It has accused the board of "questionable strategic and capital allocation decisions, poor executive compensation alignment and suboptimal succession planning." It has also flagged things like box office performance and linear TV.
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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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Disney’s board nominees include Mary Barra, Safra Catz, Amy Chang, Jeremy Carroch, Carolyn Everson, Michael Froman, James Gorman, Maria Lagomasino, Calvin McDonald, Mark Park, Derica Rice and CEO Bob Iger.
Legendary filmmaker George Lucas and others, including Disney family members and JPMorgan Chase CEO Jamie Dimon, have stood by Disney and Iger in recent weeks.
The results of the vote are expected Wednesday afternoon during the entertainment giant's annual meeting.
The company has also been engaged in a proxy fight with investment firm Blackwells Capital.
