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.

“He would help reform the company, improve product quality and generally serve the best interests of shareholders, as he has done at many other companies,” Musk said on X. “It would significantly improve Disney's stock price.”

“Your track record is excellent,” Musk said in a subsequent post.

The entertainment giant's share price hovered around $122 on Wednesday morning, an increase of more than 34% from the start of the year and more than 22% from a year ago.

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Clock Security Last To change To change %
DIS WALT DISNEY CO. 122.14 -0.69 -0.57%

Musk added that he would “definitely” buy Disney stock if Peltz were to win a seat on Disney’s board.

Trian Group introduced Peltz and former Disney CFO Jay Rasulo as board nominees late last year, setting off a heated proxy battle and arguing they could help “restore the magic” at the entertainment giant.

Nelson Peltz, founding partner of Trian Fund Management LP, speaks at the WSJD Live conference in Laguna Beach, California, on October 25, 2016. (Mike Blake/Reuters Photos)

Trian stated that Disney “has lost its way over the past decade, making strategic and operational errors that have resulted in deteriorating financial performance and low absolute and relative stock returns, costing shareholders billions.”

He accused the board of “questionable strategic and capital allocation decisions, poor alignment of executive compensation, and suboptimal succession planning.” It also flagged things like box office performance and linear TV.

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Disney, for its part, rejected Trian and Peltz's claims.

“We aggressively execute on our key strategic priorities to make Disney's business more efficient and effective, reinvigorate our creative engines and sharpen our focus on our largest brand and franchise assets,” the company said on a website created for the proxy fight.

Disney also argued that its board nominees are “more qualified” to oversee the entertainment giant.

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Disney 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.

Bob Iger

Bob Iger attends the special Los Angeles screening of Searchlight Pictures' “Flamin' Hot” on June 9, 2023. (Axelle/Bauer-Griffin/FilmMagic/Getty Images)

Legendary filmmaker George Lucas and others, including members of the Disney family and JPMorgan Chase CEO Jamie Dimon, have supported Disney and Iger in recent weeks.

Voting results are expected Wednesday afternoon during the entertainment giant's annual meeting.

The company is also involved in a proxy fight with investment firm Blackwells Capital.

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