Isn't the largest shareholder Vanguard, by far? My impression based on a cursory Googling is that Vanguard has about 130 million shares, whereas the largest individual shareholder, Jim Walton, only has about 10 million.
In fact all of the top 10 shareholders of Walmart have more shares (>10M) than any of the Waltons, it appears:
The Vanguard Group, Inc.
SSgA Funds Management, Inc.
BlackRock Fund Advisors
Fidelity Management & Research Co
Geode Capital Management LLC
Northern Trust Investments, Inc.
State Farm Investment Management
Wellington Management Co. LLP
T. Rowe Price Associates, Inc.
Dimensional Fund Advisors LP
So maybe you should look at whatever the interests of the index fund providers are, and who runs them.
Lukas Walton owned 21% as of the start of the year, more than 3x Vanguard which owns 6.62%. I don't know about the rest of the Walton family - at one point the entire company was Walton owned - but that's nearly $1.5B owned by the company's "Significant Shareholder". I have no idea about the merits of this case but one should note that it's not uncommon for competing companies to sue each other.
In fact all of the top 10 shareholders of Walmart have more shares (>10M) than any of the Waltons, it appears:
The Vanguard Group, Inc.
SSgA Funds Management, Inc.
BlackRock Fund Advisors
Fidelity Management & Research Co
Geode Capital Management LLC
Northern Trust Investments, Inc.
State Farm Investment Management
Wellington Management Co. LLP
T. Rowe Price Associates, Inc.
Dimensional Fund Advisors LP
So maybe you should look at whatever the interests of the index fund providers are, and who runs them.