Coupang CEO to reduce stake in e-commerce platform

Quick Summary:

The share sale and donation announcement came a day after Coupang flagged its highest quarterly sales in the third quarter.It posted $7.9 billion in consolidated sales in the quarter ending Sep.30 and swung to operating profit of $190 million from a loss in the previous quarter on a reported basis.

Based on the current exchange rate of 1,400 won per dollar, the shares he is selling and donating is worth 500 billion won.“After the completion of these transactions, Kim does not intend to engage in any further share transactions through the end of 2025,” Coupang said.

The stock to be offered is worth around 500 billion won ($358 million), marking his first share sale in the company since its listing on the New York Stock Exchange in March 2021.

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Category: Economy

Markets: South Korea

Topics: Donate Quarter Common Billion Million Coupang Class Shares Share Stock Sell

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-07 @ 15:42:43 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 269 words

Reading Time: 2 minutes read

Sentences: 14 lines

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Copyright Owner: © Korea Economic Daily

News ID: 23458015

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