Bill Ackman Gives Away $1.3 Billion in Coupang Stock After IPO
(Bloomberg) -- Bill Ackman gave away shares worth more than $1 billion of Coupang Inc., the e-commerce giant behind the biggest U.S. initial public offering since Uber Technologies Inc.
The billionaire founder of Pershing Square Capital Management donated 26.5 million shares to the Pershing Square Foundation, a donor-advised fund and another non-profit, he said in a tweet. The stake is worth about $1.3 billion, based on Coupang’s closing price on Friday.
Coupang shares rose 41% in its trading debut Thursday on the New York Stock Exchange. The company has grown into Korea’s version of Amazon.com Inc., and while it’s still losing money, revenue almost doubled last year as the pandemic boosted online shopping.
The company priced its share offering last week above a marketed range, raising $4.6 billion and valuing the company at approximately $60 billion. Coupang’s valuation is now about $87 billion giving founder Bom Kim a stake worth more than $8 billion.
One of the biggest winners is SoftBank Group Corp.’s Masayoshi Son. His company owns the largest slice of Coupang, while Neil Mehta’s Greenoaks Capital is the second-largest shareholder. Rose Park Advisors, a venture capital firm co-founded by late Harvard professor Clayton Christensen and his son, Matt, also owns a stake.
Ackman has a net worth of $2.2 billion, according to the Bloomberg Billionaires Index. Since he established the Pershing Square Foundation in 2006, it has committed more than $400 million in grants and social investments. Ackman and his wife Neri Oxman have served as co-trustees of the Foundation since 2019. At the end of September 2019, it reported $238 million in assets, according to a filing.
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