Disney Board Fight: Activist Investor Blackwells Suggests Real Estate Spin-Off, Slams Nelson Peltz’s Move to Enlist Support of Elon Musk

Disney‘s 2024 shareholders meeting on April 3 will feature three rival slates of director nominees — and for now, in the lead-up to the vote it’s unclear whether the jockeying is just so much noise or will lead to real changes.

In one corner are the Disney-selected 12 nominees. In another is activist investor Nelson Peltz, whose Trian Partners has nominated Peltz and ex-Disney CFO Jay Rasulo as Disney directors.

Then there’s investment firm Blackwells Capital, which owns a relatively small number of Disney shares and supports the leadership of CEO Bob Iger and the current board — but is urging Disney shareholders to vote for its own three candidates instead of Disney’s or Trian’s nominees. On Tuesday, Blackwells officially filed its definitive proxy statement for Disney’s 2024 annual meeting along with a letter to fellow Disney shareholders.