Subject: Re: Back of the envelope
1) Operating Earnings at 15X: $21,721m, divided by 2171m B-equivalent shares

I get 1437608 A shares, or 2156 million B shares.

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On an equivalent Class A common stock basis, there were 1,437,608 shares outstanding as of September 30, 2024

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Number of shares of common stock outstanding as of October 21, 2024:
Class A — 551,977
Class B — 1,328,446,516

Equivalent Class A common stock basis = 551,977 + 1,328,446,516/1500 = 1437608