Those hedgie Yahoos jumping onto the bandwagon of billionaire investor Carl Icahn are really starting to pile up: In addition to John Paulson’s Paulson & Co. hedge fund, which is now the sixth-largest shareholder of Yahoo, Texas oil billionaire T. Boone Pickens is throwing his cowboy hat in the ring. Even Daniel Loeb of activist hedge fund Third Point can’t help himself, scooping up more than four million shares. Behold, the Who’s Who of this burgeoning Yahoo gang.

Billionaire investor Carl Icahn's effort to unseat Yahoo Inc.'s board has picked up new backers, including Texas billionaire T. Boone Pickens, but Yahoo shareholders said it was too early to predict whether Mr. Icahn would be able to carry a July 3 shareholder vote.

That's because Mr. Icahn's proxy effort is driven by a desire for Microsoft Corp. to reach a deal to buy Yahoo. Without a Microsoft offer -- or a clearer signal that one could be coming -- some Yahoo shareholders will likely be reluctant to hand control of Yahoo to the directors Mr. Icahn has nominated.

Microsoft withdrew its unsolicited offer to acquire Yahoo on May 3, but Sunday it said it "reserves the right" to reconsider that option. People familiar with the matter said that in recent days Microsoft floated a proposal to acquire Yahoo's search-advertising business. Under Microsoft's proposal, Yahoo would also sell its Asian assets and Microsoft would acquire a minority stake in what remained of Yahoo, the people said. A Microsoft spokesman declined to comment.

Mr. Pickens in an interview on CNBC Tuesday said he had bought 10 million shares of Yahoo, or a roughly 0.75% stake, after Mr. Icahn launched his proxy effort. "I'll jump in with Carl. He goes in first, I jump in behind him," Mr. Pickens said during the interview. A spokesman for Mr. Pickens declined to comment further. Mr. Icahn couldn't be reached for comment.

Mr. Icahn last week disclosed he had bought 10 million Yahoo shares and acquired options to purchase 49 million more, which together would represent a roughly 4.3% stake in the company. Other Icahn supporters include hedge-fund investor John Paulson, whose Paulson & Co. firm, held 50 million Yahoo shares, or a 3.7% stake, as of the first quarter. Mr. Paulson in a statement last week said he intended to vote for Mr. Icahn's nominees but hoped Microsoft would reach an agreement to buy Yahoo before then.

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