Trump-supporting billionaire battles Disney CEO Bob Iger over control of the company: report
The boardroom brawl comes after Disney's stock plummeted by 44 percent in 2022
{{#rendered}} {{/rendered}}A billionaire Trump supporter and investor, Nelson Peltz, is taking on Disney's CEO in a battle that may determine the future of one of the most influential entertainment companies in the world.
Disney’s stock plummeted by 44 percent in 2022, according to QZ, and the company as a whole has come under direct attack from Florida Gov. Ron DeSantis.
But Disney’s biggest trouble may come from within.
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Disney CEO Bob Iger has said that he "would consider a role" in the Biden administration before Biden took office. (Jerod Harris/Getty Images for Vox Media)
"Nelson Peltz Threatens to Disrupt Bob Iger’s Disney Comeback," Variety headlined on Tuesday, just one day ahead of a critical earnings call for Disney.
It’s a fight that may determine the fate of Disney, one of the most powerful and influential entertainment companies on the planet.
{{#rendered}} {{/rendered}}It also appears to represent a political turning point, as current CEO Iger has said that he "would consider a role" in the Biden administration before the president took office. Peltz, on the other hand, publicly supported Donald Trump in 2020.
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Peltz is "known to be unhappy" with Disney’s response to the so-called "Don’t Say Gay" bill, according to Variety, and is tied to Marvel Entertainment chairman Ike Perlmutter, another major Trump donor.
{{#rendered}} {{/rendered}}Perlmutter "now appears to be betting" on DeSantis for the 2024 presidential election, Variety reported.
Florida Gov. Ron DeSantis has feuded with Disney over the Parental Rights in Education bill. (Photo by Jeff Bottari/Zuffa LLC)
Peltz, who has a nearly $1-billion stake in Disney through Trian Fund Management, is facing major opposition and stalling tactics from Disney's board.
Peltz was stonewalled at meetings, and when he tried to meet with Iger in December, "he was told that the CEO would be sailing and wouldn’t be available until January," per Variety.
{{#rendered}} {{/rendered}}But Peltz has another chance to battle Iger for control on Wednesday during a Feb. 8 earnings call meeting.
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Members and supporters of the LGBTQ community attend the "Say Gay Anyway" rally in Miami Beach, Florida. ( (Photo by CHANDAN KHANNA/AFP via Getty Images))
Disney made the New Tolerance Campaign’s "Worst of the Woke" list in 2022 after the company issued a statement condemning DeSantis for passing what it called the "Don’t Say Gay" bill.
{{#rendered}} {{/rendered}}"Our goal as a company is for this law to be repealed by the legislature or struck down in the courts, and we remain committed to supporting the national and state organizations working to achieve that," Disney declared.
"We are dedicated to standing up for the rights and safety of LGBTQ+ members of the Disney family, as well as the LGBTQ+ community in Florida and across the country."
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{{#rendered}} {{/rendered}}Update: This piece previously stated Peltz was on Disney's board. Rather, he has a significant financial investment in Disney.