Exactly this. The Chouinard family still completely controls the company. They may not technically be billionaires in the sense that they can liquidate the cap

Exactly this. The Chouinard family still completely controls the company. They may not technically be billionaires in the sense that they can liquidate the capital for their personal benefit, but they remain billionaires in the possibly more important context of capital control and influence that nets them massive power in the highest social circles.