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Preferred Stock and Common Stock
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Preferred Stock and Common Stock
12. Preferred Stock and Common Stock
Convertible Preferred Stock
In 2019, the Company issued 22,306,800 shares of Series G convertible preferred stock for proceeds of $343.3 million, net of $0.8 million issuance costs.
In 2020, the Company amended its certificate of incorporation and changed the authorized shares of Series G convertible preferred stock to 22,371,620 and issued an additional 64,820 shares of Series G convertible preferred stock for proceeds of $1.0 million.
In 2020, 9,382,620 shares of Series D convertible preferred stock were converted into an equal number of shares of Class A common stock at the election of the holder resulting in the reclassification of $40.0 million in carrying value from Convertible preferred stock to Common stock and
Additional paid-in capital.
The Company’s convertible preferred stock authorized, issued and outstanding, the aggregate liquidation preferences, including dividends that would be due if and when declared by the board of directors
we
re
 as follows as of December 31, 2020 (in millions, except share and per share amounts):
 
 
  
December 31, 2020
 
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        25,303,070        15,920,450        4.2632        67.9        67.6  
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  
             
 
 
     
 
 
              
 
 
     
 
 
  
                246,430,170        237,047,550               $ 1,489.9      $ 1,486.7  
             
 
 
     
 
 
              
 
 
     
 
 
  
In March 2021, the holders of 15,920,450 shares of the Company’s Series D convertible preferred stock elected to convert such shares into an equal number of shares of Class A common stock.
During April 2021, in connection with the IPO, all series of the Company’s convertible preferred stock then outstanding were converted into 223,033,725 shares of Class A common stock and the Company reclassified $1.4 billion of Convertible preferred stock to Additional
paid-in-capital.
As of December 31, 2021, the Company had no convertible preferred stock outstanding.
Undesignated Preferred Stock

In April 2021, the Company adopted a restated certificate of incorporation which provides for authorized undesignated preferred stock to 25,000,000. As of December 31, 2021, 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. 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 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 12,500,000,000 shares of Class A common stock, 1,250,000,000 shares of Class B common stock and 100,000,000 shares of Class C common stock. Each class has par value of $0.00001.

On July 1, 2021, the board of directors of the Company approved the conversion of all outstanding shares of the Company’s Class B common stock into the same number of shares of the Company’s Class A common stock effective on that date.
As of December 31, 2020, the Company had 2,250,000 shares of Class A common stock issued and held as treasury stock which were subsequently retired on July 1, 2021.

 
The followings tables reflect the authorized, issued and outstanding shares for each of the common share classes as of December 31, 2021 and 2020:
 
 
  
December 31, 2021
 
 
  
Shares
Authorized
 
  
Shares

Issued
 
  
Shares
Outstanding
 
Class A common stock
      12,500,000,000        391,912,514        391,912,514  
Class B common stock
      1,250,000,000        —          —    
Class C common stock
      100,000,000        17,355,237        17,355,237  
    
 
 
     
 
 
     
 
 
  
Total
      13,850,000,000        409,267,751        409,267,751  
    
 
 
     
 
 
     
 
 
  
 
 
  
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  
    
 
 
     
 
 
     
 
 
  
The rights of common stock are as follows:
Voting
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.
Dividends
When and if declared by the Company’s board of directors, holders of Class A and Class B common stock are entitled in proportion to the number of shares of common stock that would be held by each such holder if all shares of convertible preferred stock were converted to common stock. No dividends have been declared since inception.
Liquidation
The liquidation rights of the holders of Class A and Class B common stock are subject to and qualified by the rights and preferences of the holders of convertible preferred stock.
Conversion
Each share of Class A common stock may be converted to one share of Class B common stock at the option of the holder. Each share of Class B common stock may be converted to one share of Class A common stock only upon the following events:
 
 
•
 
the Company’s sale of its common stock pursuant to an effective registration statement;
 
 
•
 
any transfer of such share to a holder of convertible preferred stock; and
 
 
•
 
the approval of such conversion by the board of directors; such conversion shall be deemed to have been made immediately prior to the closing date of the public offering.
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.