The prospectus describes Class F common stock held in a voting trust controlled by Thiel, Karp and Stephen Cohen. Together with their other shares, it gives them up to 49.999999 percent of total voting power, as long as they meet ownership thresholds. As of 30 June 2020, Thiel beneficially owned about 20.1 percent of the company. [1]
The 2025 annual report, filed in 2026, still describes the 49.999999 percent founder voting power and says the founders will effectively control matters put to shareholders. [2]
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