35% of Disney’s stock is owned by retail investors, which is a surprising high percent

There’s less than a month until Disney’s 2024 meeting. Looks to be the activist investor showdown of the year, if not the decade.
Here’s a graphic from the Wall Street Journal about who owns Disney’s stock (which is from this article: Who’s Who in the Battle Over Disney’s Board, February 6)

Basically it’s
- Insiders: 0.03%
- Institutional investors: 64%
- Retail investors and others: 35%
Not surprising is Trian’s 1.8% ownership. And of the others institutional investors, there’s the not unusual names who manage ETFs like VG, Blackrock, and State Street.
But then there’s the long tail of institutions who own just a little chuck of Disney.
But most surprising and unusual is the 35% of stock that’s owned by individual retail investors. I don’t know how to find the latest statistics on this, but as of 2017, the average S&P 500 company only had 12% of its stock owned by retail investors. Even though 35% for Disney doesn’t seem very high it’s actually an outlier relative to other companies.
What are the chances Trian or blackwells actually gets a board seat?