Four days before the shareholder meeting, Logan and Kendall are summoned to hedge-fund manager Josh Aaronson's private island for a joint audience — Josh holds four percent of Waystar and is weighing whether to join the hostile proxy bloc. The trip unravels when Logan collapses from heat exhaustion on the walk back and Kendall hesitates to help, giving Josh the signal he needed. Back in New York, Greg formalizes his defection by signing a joint defense agreement with Waystar, stripping Kendall of a key legal asset, while Logan trades ATN's editorial stance for relief on the DOJ investigation. By episode's end, Stewy arrives at the island by helicopter: the hostile bloc has its four percent.

This episode is the pivot where the shareholder fight effectively ends before it begins. Watching Logan and Kendall perform unity for Josh clarifies exa ...