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The coalition · founder — Sanford 24.85% (below 50% controlled-issuer threshold) dynamic + institutional thresholds

A founder — Sanford 24.85% (below 50% controlled-issuer threshold) and the Texas threshold math.

Bottom line. eXp World Holdings's ownership structure is unusual in the SB-29-era-mover cohort: the top individual holder owns 24.85% economically and approximately 22% of voting power. eXp World Holdings is not a "controlled company" under NASDAQ Rule 5615(c) or under Texas SB 21's controlled-issuer definition, but the founder — Sanford 24.85% (below 50% controlled-issuer threshold) character is central to the post-SB-29 governance narrative. For Texas's elective opt-in thresholds (§21.552(a)(3) 3% derivative standing; §21.373 $1M shareholder-proposal threshold), the institutional-coalition arithmetic is reported below — pending the 13F-family ownership snapshot for eXp World Holdings as of the canonical pre-event date.

The founder — Sanford 24.85% (below 50% controlled-issuer threshold) dynamic

Ownership snapshot (S&P Capital IQ as of 2026-04-25)

  • Glenn Darrel Sanford — largest individual holder: 24.85% economic stake; approximately 22% of voting power. Controller type: founder / CEO.
  • Insiders aggregate: 24.95% (eXp World Holdings's filings disclose officers and directors aggregated).
  • ≥5% individual holder list: Glenn Darrel Sanford (24.85%).
  • Is eXp World Holdings a "controlled company"? No — the top voting shareholder's stake falls below the 50% threshold under NASDAQ Rule 5615(c) and Texas SB 21's controlled-issuer definition. The firm's voting concentration is that the post-SB-29 narrative treats as load-bearing.

The founder — Sanford 24.85% (below 50% controlled-issuer threshold) dynamic creates a power asymmetry standard event-study identification doesn't directly model: the marginal trader does not fully set price when a founder — Sanford 24.85% (below 50% controlled-issuer threshold) could credibly deliver a discontinuous corporate action (e.g., another redomiciliation, a take-private, a special dividend). The /stress_tests page documents how this asymmetry interacts with the Day-0 abnormal-return tests.

The institutional coalition — pending 13F snapshot

Pending verification — 13F-family ownership snapshot for eXp World Holdings

The coalition arithmetic below requires the canonical 13F-family ownership snapshot (S&P Capital IQ Public Ownership Detailed) as of eXp World Holdings's pre-event date. Pending that snapshot, the standard fields are shown with [DATA PENDING] placeholders.

Measure eXp World Holdings value
Total 13F-family filers in the universe[DATA PENDING]
Filers individually exceeding the §21.373 $1M threshold[DATA PENDING]
Two-holder combinations clearing the §21.552(a)(3) 3% derivative threshold[DATA PENDING]
Vanguard + BlackRock + State Street combined %[DATA PENDING]
Position-date breakdown[DATA PENDING]
Top voting shareholder stake24.85% (largest voting holder)

The "do thresholds matter for eXp World Holdings?" question

Two conditions independently matter: (1) has eXp World Holdings opted into SB 29 / SB 1057 thresholds (see /statutes)? (2) If eXp World Holdings has opted in, can the institutional coalition clear the thresholds? Both conditions resolve before the coalition-arithmetic argument carries weight. In the cross-firm cohort, the ExxonMobil canonical demonstrates the pattern: even where a firm opts into the 3% derivative threshold, the existing institutional shareholder base can clear it via two-holder coalitions. eXp World Holdings's coalition math will follow the same procedure once the 13F snapshot is pulled.

The founder — Sanford 24.85% (below 50% controlled-issuer threshold) dynamic complicates the coalition analysis in a way that ExxonMobil's diffuse-shareholder profile did not: Top-holder concentration ~[DATA PENDING — voting %] voting power is not a coalition member; it is a counterweight to coalitions. The cross-firm placebo on /evidence reports how eXp World Holdings ranks among the 21-firm placebo distribution; the comparator is informative even before the per-firm event-study runs.

Primary sources

Ownership data

  • S&P Capital IQ Public Ownership Detailed (proprietary; snapshot dated 2026-04-25) — ticker eXp World Holdings
  • eXp World Holdings DEF 14A 2024 — Beneficial Ownership table
  • eXp World Holdings 13D/G filings on EDGAR

Full Bluebook-format citations in SOURCES.md.