I understand in Microsoft Excel you would use the format string $#.##,," M"
12,271,359 would appear as 12.27M
I am alittle confused with the Numbers app on Mac (the excel equivalent) and I do not have Excel on Mac.
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In Custom Format, Number…
Keep the default [#,###] it will auto-add
Drag in a decimal [.##]
Drag in a Scale [K] & use the drop menu to change to millions