'Ackman of "Baby Buffett" Donates 1 Trillion Won in Coupang Shares'

All Profits from Early Investment in Coupang Donated to Society

[Asia Economy New York=Correspondent Baek Jong-min] American billionaire hedge fund investor has decided to donate all profits from his investment in Coupang.

Activist investor Bill Ackman (54), chairman of Pershing Square, announced on Twitter on the 15th (local time) that he will donate all 26.5 million shares of Coupang stock he holds to the Pershing Square Foundation, charity-related funds, and nonprofit organizations.

The value of the Coupang shares held by Ackman amounts to about $1.3 billion (approximately 1.4735 trillion KRW). Ackman is one of the early investors in Coupang. It was reported that he invested in Coupang in 2014.

Ackman stated, "Thanks to Coupang's remarkable success on the U.S. stock market, the Coupang shares I hold will be used for the benefit of humanity."

Ackman also expressed gratitude toward Kim Beom-seok, chairman of Coupang's board, and Coupang itself on Twitter, saying, "Thank you, Beom." Ackman and Chairman Kim are alumni of Harvard Business School.

Last year, Ackman boldly engaged in credit default swap (CDS) trades amid the COVID-19 crisis and made significant profits.

On this day, Coupang's stock price on the New York Stock Exchange, on its third day of trading, was trading around $50, up 3.2% from the previous trading day.

This content was produced with the assistance of AI translation services.