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Preferred Stock and Common stock
3 Months Ended
Mar. 31, 2022
Stockholders' Equity Note [Abstract]  
Preferred Stock and Common stock
7.    Preferred Stock and Common Stock
Undesignated Preferred Stock
In April 2021, the Company adopted a restated certificate of incorporation, which authorizes the Company to issue up to 25,000,000 shares of undesignated preferred stock with a $0.00001 par value per share. As of March 31, 2022, 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 Chief Executive Officer 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 Chief Executive Officer 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 Chief Executive
Officer 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. As of March 31, 2022 and December 31, 2021, the Company has 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.
The following tables reflect the authorized, issued and outstanding shares for each of the classes of common stock as of March 31, 2022 and December 31, 2021:
 March 31, 2022
 Shares
Authorized
Shares
 Issued
Shares
 Outstanding
Class A common stock12,500,000,000 409,294,907 409,294,907 
Class B common stock1,250,000,000 — — 
Class C common stock100,000,000 17,670,859 17,670,859 
Total13,850,000,000 426,965,766 426,965,766 
 December 31, 2021
 Shares
Authorized
Shares
Issued
Shares
 Outstanding
Class A common stock12,500,000,000 391,912,514 391,912,514 
Class B common stock1,250,000,000 — — 
Class C common stock100,000,000 17,355,237 17,355,237 
Total13,850,000,000 409,267,751 409,267,751 
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.
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.