"We are confident Illumina can continue to execute on its goals while we conduct and complete a CEO search process." In an open letter to shareholders in March, Icahn blamed Illumina's acquisition of cancer diagnostics company Grail Inc for wiping $50 billion of value from its market capitalization. Illumina spun off Grail in 2016, retaining a 12% stake, before reacquiring the company in 2021. The acquisition was opposed by US and European regulators. Icahn said: "Illumina's share price performance, and the $50 billion of value destruction that has occurred since the Grail deal was closed, clearly shows that shareholders have lost faith in Illumina's management team and board of directors, yet these individuals suffer no consequences or remorse. The members of Illumina's management team and board of directors collectively own less than 0.1% of the company's stock yet they feel entitled to take these reckless actions with our money."