The Class A line is a transit account, and the insider trackers are computing their headline percentage on it

This is the same measurement failure three times over, from three unrelated issuers, in one window:

• Mecklenburg · Hinge Health · 12 Oct. Converted 200,000 Class B, sold 200,000 Class A, Class A closes at 0. Reported as −100%. Actual remaining holding: 2,720,306 Class B.
• Duffield · Workday · 6 and 9 Oct. Converted 99,228 Class B, sold 99,228 Class A out of a 204,277 Class A balance. Reported as roughly −49%. Actual remaining holding: 35,580,586 Class B in the David A. Duffield Trust, which the conversion did not touch.
• Liang · Super Micro · 9 Oct (Edition 030). 25,332,520 shares moved between the indirect and direct lines with no economic transaction at all.

The common structure: the person’s wealth sits in Class B, or in a trust, or in a holding vehicle. Class A is created on the morning of a sale and extinguished the same afternoon. Any screen that divides shares sold by Class A held produces a number between −49% and −100% no matter what the person actually owns, and it will produce that number again next week. The denominator is not a choice variable. Three of the four largest “ownership change” figures on this week’s tape are artifacts of it.

Practical consequence for reading the tape: ignore the percentage column entirely. Read the owned-after figures in Table II, by ownership code, and note which lines carry no transaction row — those are where the wealth is.