Why activist investors are going to have a busy year

CARL ICAHN owns 1.4% of Illumina, a genomics giant with a market value of $34bn. Mr Icahn’s modest stake belies his ambition. As the elder statesman of activist investing, the 87-year-old aims to convert small shareholdings into considerable influence. Mr Icahn has nominated three directors to the board of Illumina, whose share price has fallen by 60% since its peak in 2021, in part owing to hubristic dealmaking. On May 25th, after The Economist was published, Mr Icahn’s colourful campaign against the firm’s bosses (16 letters, drawing on Shakespeare and Lincoln) will reach a climax at its annual general meeting. It is one of the hottest tickets in this year’s “proxy season”, when most American firms elect their boards of directors.