Vanguard Capital Management filed an amended beneficial ownership statement with the SEC on October 30, 2026, disclosing a 4.78% stake in Duolingo Inc common stock as of the September 30, 2026 event date.

Key Highlights

  • Total beneficial ownership: Vanguard Capital Management reported aggregate beneficial ownership of 1,934,392 shares of Duolingo Inc common stock.
  • Percent of class: The 1,934,392 shares represent 4.78% of the class, qualifying as ownership of 5 percent or less.
  • Sole voting power: Vanguard Capital Management holds sole voting power over 313,235 shares, with zero shares subject to shared voting power.
  • Sole dispositive power: The firm holds sole dispositive power over all 1,934,392 shares, with no shared dispositive power reported.
  • Triggering event date: The date of the event requiring this filing is stated as September 30, 2026.
  • Amendment: This filing is designated Amendment No. 1 to a prior statement.
  • Signing authority: The statement was signed by My Trieu-Gatt, identified as Authorized Signatory and Head of Global Fund Administration for Vanguard Capital Management.

Vanguard Capital Management's Reported Position in Duolingo Inc

According to the filing, Vanguard Capital Management, organized in Pennsylvania and headquartered at 100 Vanguard Blvd, Malvern, PA 19355, is classified as an investment adviser (type "IA"). The statement covers shares of Duolingo Inc common stock, CUSIP 26603R106. Duolingo Inc, the issuer, is a technology company focused on language learning whose principal executive offices are located at 5900 Penn Avenue, 2nd Floor, Pittsburgh, PA 15206.

The filing notes that the reported holdings encompass securities beneficially owned by Vanguard Capital Management LLC and certain affiliates, including Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC, and Vanguard Investments Australia Ltd. The statement specifies that it covers securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, along with securities held by clients over which the listed affiliates exercise dispositive and/or voting power.

The filing further states, according to Item 6, that Vanguard Capital Management, "including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein," and that "no one other person's interest in the securities reported herein is more than 5%." The certifying signatory affirmed that the securities were acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of Duolingo Inc.

What Was Disclosed

Vanguard Capital Management filed Amendment No. 1 disclosing beneficial ownership of 1,934,392 shares of Duolingo Inc common stock, representing 4.78% of the class, with sole dispositive power over all reported shares and sole voting power over 313,235 shares, as of September 30, 2026.