I believe that is CEDE and company in New York.

So, while it is traded on the market, Cede and Company owns it.
And you have to go through great effort to get your broker to actually get the stock, and then give it to you. They will often drag their feet and not want to do this.

And, often, they will get a "Failure to deliver".

So, when the game of musical chairs ends, we will probably find that Blackrock owns ALL the shares. And Cede owns ALL the shares. And the rots-child holding companies own ALL the shares. So, the little people, who thought they owned something, will find they own nothing. Then begins a decade of arguing over who owns what.