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Convertible Preferred Stock and Common stock | 3 Months Ended
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Mar. 31, 2021
Stockholders' Equity Note [Abstract] |
Convertible Preferred Stock and Common stock |
7. | Convertible Preferred Stock and Common Stock
Convertible Preferred Stock In March 2020, the Company issued an additional 64,820 shares of its Series G convertible preferred stock for proceeds of $1.0 million. In March 2021, the holders of 15,920,450 shares of the Company’s Series D convertible preferred stock elected to convert into an equal number of shares of Class A common stock. The Company’s convertible preferred stock authorized, issued and outstanding and the aggregate liquidation preferences, including dividends that would be due if and when declared by the board of directors are as follows (in millions, except share and per share amounts):
|  | March 31, 2021 |
Series of Convertible Preferred Stock |  | Year Issued |  |  | Shares Authorized |  |  | Shares Issued and Outstanding |  |  | Issuance Price/ Liquidation Price (Per Share) |  |  | Aggregate Liquidation Value |  |  | Carrying Value (Net of Issuance Costs) |
Series A |  |  | 2013 |  |  |  | 54,811,930 |  |  |  | 54,811,930 |  |  | $ | 1.0000 |  |  | $ | 54.8 |  |  | $ | 54.7 |
Series B |  |  | 2014-2015 |  |  |  | 18,133,240 |  |  |  | 18,133,240 |  |  |  | 2.0766 |  |  |  | 37.7 |  |  |  | 37.5 |
Series C |  |  | 2015-2016 |  |  |  | 13,580,260 |  |  |  | 13,580,260 |  |  |  | 4.0500 |  |  |  | 55.0 |  |  |  | 54.8 |
Series D |  |  | 2016-2017 |  |  |  | 15,920,450 |  |  |  | — |  |  |  | 4.2632 |  |  |  | — |  |  |  | — |
Series E |  |  | 2017-2018 |  |  |  | 78,543,890 |  |  |  | 78,543,890 |  |  |  | 6.7478 |  |  |  | 530.0 |  |  |  | 529.0 |
Series F |  |  | 2018 |  |  |  | 33,686,160 |  |  |  | 33,686,160 |  |  |  | 11.8570 |  |  |  | 399.4 |  |  |  | 398.8 |
Series G |  |  | 2019-2020 |  |  |  | 22,371,620 |  |  |  | 22,371,620 |  |  |  | 15.4269 |  |  |  | 345.1 |  |  |  | 344.3 |
|  |  |  |  |  |  | 237,047,550 |  |  |  | 221,127,100 |  |  |  |  |  |  | $ | 1,422.0 |  |  | $ | 1,419.1 |
During April 2021, all remaining shares of convertible preferred stock converted into 223,033,725 shares of Class A common stock. The rights, preferences, restrictions and privileges of the holders of convertible preferred stock are included in the Company’s IPO prospectus on Form S-1 filed with the Securities and Exchange Commission. 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. On March 31, 2021, in connection with the effectiveness of the registration statement for the Company’s IPO, 15,244,490 shares of Class A common stock held by the Company’s founder and CEO were automatically exchanged for an equivalent number of shares of Class C common stock. In addition, any Class A common stock issued to the CEO from awards granted to him prior to February 2021 will also automatically 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. As of March 31, 2021, the Company had three classes of common stock: Class A common stock, Class B common stock and Class C common stock. Each class has par value of $0.00001.
|  | March 31, 2021 |
|  | Shares Authorized |  |  | Shares Issued |  |  | Shares Outstanding |
Class A common stock |  |  | 1,000,754,910 |  |  |  | 126,295,420 |  |  |  | 124,045,420 |
Class B common stock |  |  | 270,618,860 |  |  |  | 4,562,160 |  |  |  | 4,562,160 |
Class C common stock |  |  | 100,000,000 |  |  |  | 15,244,490 |  |  |  | 15,244,490 |
Total |  |  | 1,371,373,770 |  |  |  | 146,102,070 |  |  |  | 143,852,070 |
As of December 31, 2020, the Company had two classes of common stock: Class A common stock and Class B common stock. Each class has a par value of $0.00001.
|  | December 31, 2020 |
|  | Shares Authorized |  |  | Shares Issued |  |  | Shares Outstanding |
Class A common stock |  |  | 530,136,050 |  |  |  | 118,549,390 |  |  |  | 116,299,390 |
Class B common stock |  |  | 170,618,860 |  |  |  | 6,672,510 |  |  |  | 6,672,510 |
Total |  |  | 700,754,910 |  |  |  | 125,221,900 |  |  |  | 122,971,900 |
In April 2021, the Company adopted a restated certificate of incorporation and changed its authorized capital stock to consist of 12,500,000,000 shares of Class A common stock, 1,250,000,000 shares of Class B common stock, 100,000,000 shares of Class C common stock and 25,000,000 shares of undesignated preferred stock. 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 of 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. A description of all other rights, preferences and privileges of the holders of the Company’s common stock are included in the Company’s IPO prospectus on Form S-1 filed with the Securities and Exchange Commission. As of March 31, 2021 and December 31, 2020, the Company had shares of common stock reserved for issuance as follows:
|  | March 31, 2021 |  |  | December 31, 2020 |
Convertible preferred stock outstanding |  |  | 223,033,725 |  |  |  | 238,954,050 |
Options issued and outstanding |  |  | 59,603,390 |  |  |  | 62,827,150 |
Restricted stock units issued and outstanding |  |  | 50,272,925 |  |  |  | 32,556,160 |
Shares available for future stock-based incentive award issuances |  |  | 41,105,315 |  |  |  | 11,679,150 |
Total |  |  | 374,015,355 |  |  |  | 346,016,510 |
As of March 31, 2021 and December 31, 2020, the Company had 2,250,000 shares of Class A common stock issued and held as treasury stock.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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