Are you sure? There is a difference between different types of stock and I'd be surprised if he didn't hold a majority in some form of preferred stock.
Prior to the completion of this offering, we had two classes of common stock...identical except with respect to voting...
Upon the completion of this offering...All currently outstanding shares of our Existing Class A common stock, Existing Class B common stock and redeemable convertible preferred stock (including shares to be issued upon the exercise of the Net Exercise Warrant immediately prior to the completion of this offering) will convert into shares of our new Class B common stock.
After the offering there will only be one type of shares, not two as at Facebook.
Prior to the completion of this offering, we had two classes of common stock...identical except with respect to voting...
Upon the completion of this offering...All currently outstanding shares of our Existing Class A common stock, Existing Class B common stock and redeemable convertible preferred stock (including shares to be issued upon the exercise of the Net Exercise Warrant immediately prior to the completion of this offering) will convert into shares of our new Class B common stock.
After the offering there will only be one type of shares, not two as at Facebook.