Vanguard disaggregates holdings; Udemy (NASDAQ: UDMY) shows 0% ownership

Rhea-AI Filing Summary

Udemy Inc: The Vanguard Group filed a Schedule 13G/A (Amendment No. 2) reporting 0 shares of Common Stock and 0% beneficial ownership. The filing explains an internal realignment effective January 12, 2026 that led Vanguard subsidiaries to report ownership separately in reliance on SEC Release No. 34-39538.

The signature block shows the filing was signed by Ashley Grim, Head of Global Fund Administration, on 03/27/2026.

Insights

Institutional Ownership Specialist

Vanguard now reports no beneficial ownership of Udemy common stock after internal disaggregation.

The filing states an internal realignment on January 12, 2026, after which certain Vanguard subsidiaries report holdings separately in reliance on SEC Release No. 34-39538. The Schedule 13G/A lists Amount beneficially owned: 0 and Percent of class: 0%.

Such disaggregation is procedural: subsequent filings from the named subsidiaries may show holdings individually. Future ownership disclosure should be read at the subsidiary level per the filing.

Compliance & Regulatory Analyst

The amendment documents a reporting change tied to an SEC release, not an economic transfer.

The filing references SEC Release No. 34-39538 and states Vanguard "no longer has, or is deemed to have, beneficial ownership" of securities held by certain subsidiaries. This reflects a reporting/attribution shift rather than an explicit purchase or sale.

Stakeholders seeking institution-level positions should consult subsequent 13G/A or 13D/A filings by the identified subsidiaries for their individual beneficial-ownership disclosures.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Udemy Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

902685106

(CUSIP Number)

03/13/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 902685106

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Udemy Inc
(b)	Address of issuer's principal executive offices: 600 Harrison Street, 3rd Floor, San Francisco, CA, 94107
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd.,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 0
(b)	Percent of class: 0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, 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.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	03/27/2026

FAQ

What does Vanguard's Schedule 13G/A amendment say about UDMY ownership?

It reports 0 shares and 0% beneficial ownership in Udemy Common Stock. The filing attributes this to an internal realignment and disaggregation effective January 12, 2026 under SEC Release No. 34-39538.

Why does Vanguard state it holds no beneficial ownership after January 12, 2026?

Vanguard describes an internal realignment causing subsidiaries to report separately in reliance on SEC Release No. 34-39538. The filing says Vanguard no longer is deemed to have beneficial ownership of securities held by those subsidiaries.

Who signed the Schedule 13G/A amendment for Vanguard (UDMY)?

Ashley Grim, Head of Global Fund Administration, signed the filing on 03/27/2026. The signature appears in the filing's closing block as provided in the amendment.

Does this filing indicate Vanguard sold Udemy shares?

No; the filing explains a reporting change due to internal reorganization. It does not state a sale or transfer of Udemy shares—rather, subsidiaries will report ownership separately per the cited SEC release.

Will Vanguard subsidiaries now report Udemy holdings separately?

Yes. The amendment states certain subsidiaries or business divisions will report beneficial ownership separately from The Vanguard Group, Inc., pursuing the same investment strategies as before the realignment.