v3.25.2
Preferred Stock and Common Stock
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Preferred Stock and Common Stock Preferred Stock and Common Stock
Undesignated Preferred Stock
In April 2021, the Company adopted a restated certificate of incorporation which provides for authorized undesignated preferred stock to 25.0 million shares of undesignated preferred stock with a $0.00001 par value per share. As of June 30, 2025 and December 31, 2024, there are no shares of the Company’s preferred stock issued and outstanding.
Common Stock
In February 2021, the Company approved the establishment of Class C common stock and an agreement with the Company’s CEO to exchange his Class A common stock for Class C common stock. Any Class A common stock issued to the Company’s CEO from RSU awards granted prior to February 2021 are able to be exchanged for Class C common stock. Each share of Class C common stock is entitled to twenty votes per share and will be convertible at any time into one share of Class A common stock and will automatically convert into Class A common stock under certain “sunset” provisions. Other than certain permitted transfers for estate planning purposes, upon a transfer of Class C common stock, the Class C common stock will convert into Class A common stock.
In April 2021, the Company adopted a restated certificate of incorporation and changed its authorized capital stock to consist of 12.5 billion shares of Class A common stock, 1.25 billion shares of Class B common stock and 100 million shares of Class C common stock. Each class has par value of $0.00001.
The following tables reflect the authorized, issued and outstanding shares for each of the classes of common stock as of June 30, 2025 and December 31, 2024:
 June 30, 2025
 Shares
Authorized		Shares
 Issued		Shares
 Outstanding
Class A common stock12,500,000,000 513,184,002 513,184,002 
Class B common stock1,250,000,000 — — 
Class C common stock100,000,000 10,122,433 10,122,433 
Total13,850,000,000 523,306,435 523,306,435 
 December 31, 2024
 Shares
Authorized		Shares
Issued		Shares
 Outstanding
Class A common stock12,500,000,000 501,384,321 501,384,321 
Class B common stock1,250,000,000 — — 
Class C common stock100,000,000 11,758,787 11,758,787 
Total13,850,000,000 513,143,108 513,143,108 
Holders of Class A common stock are entitled to one vote per share. Holders of Class B common stock are not entitled to vote. Holders of Class C common stock are entitled to twenty votes per share.
Each share of Class C common stock is convertible at any time at the option of the holder into one share of Class A common stock. Each share of Class C common stock will automatically convert into a share of Class A common stock upon sale or transfer, except for certain permitted transfers.