That seems illogical to me because I know I don't look at my investments that way, and in reality I'd bet you don't either. I judge investments (or purchases of something) individually, and my net worth has nothing to do with it.
Let's say you have net worth of $5 million. You go to buy a new car. One dealer wants $35k the other will sell you the same car for $31k. Do you really say to yourself, "I'm Mr. Moneybags, $4k is small amount of my net worth, I'm not gonna worry about it."
Maybe some people do, but I know I don't, nor does anybody I know. And if the salesman made that argument to me, I'd say, "my net worth has nothing to do with it, I want the best deal".
The stock price will move up faster in the future if there isn't dilution. The year after year compounding on dilution will make a big, big difference to his investment over time. This will be in Mr. Icahn's self-interest. I assume he will act in his self interest.
His entire investment in this company is a teeny tiny amount of his net worth, so why did he make the investment in the first place? Here again, the percentage of net worth argument doesn't make sense to me.
Plus, this has been sort of tough sledding for Icahn. He's been in this since like 2017. Looking at past prices he probably paid about $100m, so he's not up hugely.
Give the documentary a look. He likes to keep score.
