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Not exactly. Once a company have >500 shareholders they have to do some periodic SEC filings similar to publicly traded companies, but their share are not publicly traded, so they are not "public" companies.

Its 2,000 now

And of course people typically then list their shares since they have all the same headaches of reporting, but also get the benefits of liquidity when listed

JPM can sell equity swaps and just hold all the shares themself.

> How can they skirt around these rules?

> JPMorgan

The answer is in the headline.

Technically, the shares will probably be held in a trust.

That's not true in the US.

As long as the company is a C Corp, which all these companies are.