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Nelson Peltz is renewing his fight to shake up Disney's board.

Peltz's Trian Fund Management investment firm, which owns about $3 billion in Disney stock, issued a statement Thursday that after the Mouse House's board rejected Trian's request for board seats, the hedge fund will "take our case for change directly to shareholders." Trian is seeking two seats on Disney's board, CNBC reported. The firm oversees more than $2 billion worth of Disney shares held by former Marvel Entertainment chairman Ike Perlmutter, who has been vocal critic of Disney CEO Bob Iger and was dismissed from the company in March.
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In a statement Trian said, "This morning, following conversations with Disney's CEO, Disney extended an offer to Trian to meet with the board but informed Trian that the board is turning down Trian's recent request for Board representation, including Nelson Peltz."

Trian's statement continued, "Since we gave Disney the opportunity to prove it could 'right the ship' last February, up to our reengagement weeks ago, shareholders lost ~$70 billion of value. Disney's share price has underperformed proxy peers and the broader market over every relevant period during the last decade and over the tenure of each incumbent director. Investor confidence is low, key strategic questions loom, and even Disney's CEO is acknowledging that the company's challenges are greater than previously believed. While James Gorman and Sir Jeremy Darroch represent an improvement from the status quo, the addition of these directors will not, in our view, restore investor confidence or address the root cause behind the significant value destruction and missteps that this board has overseen. Trian intends to take our case for change directly to shareholders."

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JUST IN: Users on X are reporting mass cancellations of Disney+, $DIS, subscriptions after Elon Musk interview.

Within just hours of Elon Musk's interview, thousands of users have posted screenshots of cancelled Disney+ subscriptions.

In addition to Disney+, users are reporting… pic.twitter.com/zwlDMju3hr

— The Kobeissi Letter (@KobeissiLetter) November 30, 2023