> Which shareholders exactly, though? Asset managers like vanguard, blackrock and others control a large block of shares in many large companies, and don't real

> Which shareholders exactly, though? Asset managers like vanguard, blackrock and others control a large block of shares in many large companies, and don't really have skin in the game in the same way small investors do. If you want to make the argument that investors don't have leverage over Fortune 500 companies, Yahoo is a pretty bad example to argue that case. Yahoo has succumbed more than once to pressure from investors during Mayer's tenure - look at the Alibaba spinoff, for example. (That was halted, but only because the IRS changed the tax treatment, making it no longer financially viable for investors). As for Vanguard and the like, that's a red herring. Vanguard has as much of a skin in the game as its individual shareholders do. If they don't see a problem with the way a company is operating, then that's pretty much all there is to say. If the operations end up affecting the bottom line, they'll put pressure on the company, put pressure on the board, or they'll divest - and we've seen all three of those happen with Yahoo and many other large companies in recent years.