Billionaire Ackman donates millions of Coupang shares to foundation, others

Billionaire Ackman donates millions of Coupang shares to foundation, others

News: Billionaire Ackman donates millions of Coupang shares to foundation, others.

(Reuters) – Billionaire hedge fund investor William Ackman said Monday he donated 26.5 million shares of newly released South Korean e-commerce giant Coupang Inc to three companies, including its foundation.

Ackman, who runs hedge fund Pershing Square Capital Management, said Twitter He also donated the shares to a donor-advised fund program and another nonprofit that he failed to identify.

The donation is valued at $ 1.36 billion based on Coupang’s current share price of $ 51.4.

Ackman, who took home an estimated $ 1.4 billion last year after earning a 70.2% return, previously supported a charity through his foundation for grants and other causes.

Coupang, backed by SoftBank Group Corp, was valued at around $ 109 billion on its market debut Thursday after raising roughly $ 4.6 billion in its largest US initial public offering this year.

SoftBank also made roughly $ 33 billion on paper from Coupang’s public debut.

Founded in 2010 by Korean-American billionaire Bom Suk Kim, Coupang gained prominence after launching its guaranteed same or next day delivery service in the East Asian country.

“I was a very happy day investing in @Coupang. Due to its incredible success, 26.5 million shares will benefit humanity as I’ve given all of the shares to @PershingSqFdn, a DAF and other non-profit organization! “Ackman tweeted.

The billionaire investor has occasionally taken to Twitter and sends a message when he wants to inform his 288,000 followers. But sometimes there are cryptic one-word answers like “Yes” or “Done” when he asks something about his plans.

Reporting by Noor Zainab Hussain in Bengaluru and Svea Herbst in Boston; Adaptation by Maju Samuel

Original Source © Reuters

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