I've got excel open to add up all the outstanding shares.
In this years proxy, as of 21-Mar-2019, management and large investment companies, e.g. Blackrock, Vanguard, etc. owned 88% of Class A shares combined, leaving 2.7m Class A shares remaining. If management and the large shareholders haven't sold their A-Shares (since March) then as of 3-August-2019, there will only be 1.7m Class A shares left.
1.7m shares x $70/share = $118m (to buy back the remaining shares)
The most recent 8-K says as of 3-Aug-2019 there is still $340m left in the buyback program. That means assuming Management, Blackrock, Vanguard, do not sell, the company has the capacity to buy 1.7m shares for $340m = $200 / share (average price).
This sounds too good to be true... what am I missing here?