Wealth Signal
Edition · Edition 039 / What Repeats · Entry 01

The entity layer — and the person’s own name holding the smallest number

  • Graham: after 19 October, 10,915 of 282,882 shares — 3.9% — are in his own name. 227,071, or 80.3%, sit in trusts where dispositive power is shared with a co-trustee, Daniel L. Mosley.
  • Dines: the Form 144 for 2,500,000 shares is filed in the name of ICEVULCAN INVESTMENTS LIMITED. The Form 4 for the identical shares reports them as direct. A third vehicle, Ice Vulcan Holding Limited, holds the 59,690,706 Class B that never appears in a sale headline at all.
  • Cummins: 23,477,489 shares across four pockets — direct, an IRA, Cummins Family Ltd., and 272 Capital, a firm the footnote says he “was the President” of.
  • Ellison: the named party in Paramount Skydance’s 2 October 8-K is The Lawrence J. Ellison Revocable Trust (u/a/d 1/22/88, as amended), not Ellison.

The consequence is worth stating flatly, because it governs how every line in this report should be read: every “X still owns N shares” sentence written this week is a number produced by a disclosure boundary, not by a decision. The vehicles differ in tax treatment, in who actually controls them, and — the part that matters for reading filings — in which form type they are obliged to appear in. Aggregating across them produces a figure that is true of no entity and of no person.

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