They may mean 10% owner combined with other equity? What that equity could be who knows. Cause 1.5 mil isn’t 10% of 100 mil even by my math, unless the outstanding shares publicly available is incorrect. Jennifer Wong, who holds 1 million shares, isn’t even considered a 10% owner of the company.
Doing more digging I found this
(Their IPO filing, page 18 has their financial info but more information is here)
View attachment 190582
Even though this is from 2021 if you combine the class A + B shares he has around 5.6%.
I don’t understand this shit but it seems like he does have a 10% position with all of this.
To me it isn’t even about the amount of stock vs the fact he’s selling at all. I understand shoring up some liquid cash but if he had any confidence in the company he would assume the stock would
at least peak out a day or two after opening. Dude sold basically the minute the company became public.
And not only that but their only insider activity since listing has been sells from 6 of the board members.