Revolve Co-CEOs Sell $847M in Class A Stock — Retain 43% Controlling Stake Through Class B Shares

Correction (March 7, 2026): This article has been substantially revised. An earlier version incorrectly stated that both co-CEOs held zero shares. In fact, they beneficially own approximately 43% of Revolve’s total outstanding common shares through Class B stock held by MMMK Development, Inc. See full correction note at the end of this article.

Revolve Group co-founders and co-CEOs Michael Karanikolas and Michael Mente have sold a combined $847 million in Class A common stock over their careers. However, both remain the company’s largest shareholders through their combined 43% ownership stake in Class B shares held via MMMK Development, Inc.

The two co-founders who built Revolve Group (RVLV) from a startup into a $1.5 billion online fashion platform have generated staggering returns from their Class A share sales — while retaining a controlling stake through the company’s dual-class share structure.

The $433.5 Million Co-CEO

Michael Mente leads the pair with $433.5 million in career Class A stock sales across 599 transactions. These sales represent the systematic monetization of his Class A holdings over a decade-long period.

The $413.6 Million Co-CEO

Co-CEO Michael Karanikolas follows closely with $413.6 million in career Class A stock sales across 573 transactions. The symmetry between both co-founders’ selling patterns is striking — both liquidated nearly identical amounts in their most recent tranches.

Dual-Class Structure: What the Form 4 Data Doesn’t Show

While the co-founders’ Form 4 filings show extensive Class A sales through MMMK Development, Inc., the company’s Schedule 13G/A filing from January 30, 2026 paints a very different ownership picture. Revolve Group operates a dual-class share structure:

• Class A common stock — publicly traded on NYSE
• Class B common stock — convertible to Class A on a 1-for-1 basis, held primarily by the co-founders through MMMK Development

According to the 13G/A filing, MMMK Development holds 30,474,618 shares of Class B common stock for the benefit of both Karanikolas and Mente, representing approximately 43% of total outstanding common shares. This makes the co-founders, by a wide margin, the company’s largest shareholders.

Current Ownership Summary

Insider / Entity	Role	Career Class A Sales	Transactions	Beneficial Ownership (incl. Class B)
Michael Mente	Co-CEO	$433.5M	599	30,582,949 shares (43.1%)
Michael Karanikolas	Co-CEO	$413.6M	573	30,597,618 shares (43.1%)
MMMK Development, Inc.	Entity (co-founder vehicle)	$413.6M	570	30,474,618 shares (43.0%)

Beneficial ownership per Schedule 13G/A filed January 30, 2026 (period ending 12/31/2025). Includes Class B common stock convertible to Class A on a 1-for-1 basis.

What This Means for Investors

The co-founders’ strategy reveals a calculated approach: monetize their Class A positions — generating nearly $1 billion in combined proceeds — while maintaining firm control of the company through their Class B stake. This is a common pattern among dual-class companies: founders harvest liquidity from publicly traded shares while retaining governance power through a separate share class.

Both Karanikolas and Mente remain as co-CEOs with substantial economic and voting interest in the company. Their 43% combined stake through MMMK Development ensures continued alignment with long-term company performance.

Revolve went public in 2019 at $18 per share. The stock has traded between $10 and $50 since then. The co-founders have clearly been selling Class A shares into every significant rally, while their Class B position has remained essentially unchanged.

Correction (March 7, 2026): An earlier version of this article incorrectly stated that both co-CEOs had exited their positions entirely and held zero shares. This was based solely on Form 4 data, which tracks Class A stock transactions. In fact, the co-founders beneficially own approximately 43% of Revolve’s total outstanding common shares through Class B stock held by MMMK Development, Inc., as disclosed in their Schedule 13G/A filing dated January 30, 2026. We regret the error and have substantially revised this article.

View full Revolve insider data on the RVLV stock page.