It's not merely the size of the company. A proxy war against Exxon is very possible, because its stock is spread thinly.
Tech companies tend to be strongly controlled by the founders/early employees/ and early investors. These are all people who bought in to the vision of the company .. they are by and large true believers. In younger tech companies, like Google or Facebook, this control is truly absolute. There is nothing public shareholders can do.
But even in older companies like Apple or Microsoft, the founders have an almost religious appeal over the stakeholders, particularly employees and the board, but also the shareholders at large.
For example, Tesla and Spacex, though within Icahn's "striking range", might as well be subsidiaries of Musk enterprises. There's no way someone like Icahn would have a chance of besting Musk in a showdown.
Part of my point was that going after Exxon and Walmart, would be extremely difficult because of their very strong financial health (not to mention connections and influence).
Gnats don't concern Exxon, they get swatted. At that scale, Icahn is a gnat. Exxon would have to be extremely mismanaged to inspire so many investors to line-up for a serious proxy battle. Simply doesn't happen unless a company is on its back, or knee deep in a huge scandal relating to the leadership.
If you buy a billion dollars worth of Exxon and try to stir up trouble, you'll be completely ignored unless the company is being very poorly managed such that much larger fish than you are willing to join your cause.
With eBay, since Icahn is a relatively small fish (in terms of what he can personally leverage into the battle) trying to force the hand of a $75 billion enterprise, he's going to need much larger fish than himself to join his cause. He simply can't do it himself. That's the other point I was trying to make about their scale. The larger the company you take on, the larger the total resources you're going to have to get lined up on the same agenda.
I agree with mostly everything you said. The point I was making re:exxon is that you would merely have to convince rational actors of your side (which I agree is not easy if the company isn't floundering). If you get one major player on board, then it will be easier to get the next etc.
Tech companies tend to be strongly controlled by the founders/early employees/ and early investors. These are all people who bought in to the vision of the company .. they are by and large true believers. In younger tech companies, like Google or Facebook, this control is truly absolute. There is nothing public shareholders can do.
But even in older companies like Apple or Microsoft, the founders have an almost religious appeal over the stakeholders, particularly employees and the board, but also the shareholders at large.
For example, Tesla and Spacex, though within Icahn's "striking range", might as well be subsidiaries of Musk enterprises. There's no way someone like Icahn would have a chance of besting Musk in a showdown.