Bill Ackman donates 26.5 million shares ($1.3 Billion) of Coupang stock to charity
[Mar. 15, 2021: Julia La Roche]
Billionaire activist investor Bill Ackman, the CEO of $13 billion hedge fund Pershing Square Capital and an early investor in Coupang (CPNG), donated more than $1.3 billion worth of the South Korean e-commerce giant’s stock to charity.
“I was a very fortunate day one investor in Coupang. As a result of its incredible success, 26.5 [million] shares of its stock will benefit humanity as I gave all of the share to [the Pershing Square Foundation], a [donor-advised fund], and another non-profit. Thank you to Bom and the Coupang team on behalf of all of us!,” Ackman Tweeted on Monday morning.
The billionaire hedge fund manager said the stock will now "benefit humanity" as a result of its "incredible success."
Ackman is a "day one" investor in Coupang. The fund manager participated in a 2014 seed round of funding for the South Korean company, along with the venture capital firm Sequoia Capital and asset manager BlackRock.
A spokesperson for Ackman declined to comment beyond the Tweet.
Shares of Coupang (CPNG), which was founded in May 2010 by Bom Suk Kim, were last trading up 6.29%, or $3.05, near $51.52. Coupang completed this year’s largest initial public offering, debuting last week on the New York Stock Exchange.
Ackman, 54, is a high-profile activist investor, usually known for picking up large stakes in publicly traded companies and pushing for changes.
Ackman’s Pershing Square Holdings, the hedge fund firm’s publicly traded vehicle, posted its best year ever in 2020, returning 70.2%, far outpacing the broader market. The fund is up 5.3% year-to-date as of March 9.
The Pershing Square Foundation, founded in 2006, invests in “exceptional leaders and innovative organizations that tackle important social issues and deliver scalable and sustainable impact across the globe.” The foundation has committed more than $400 million in grants and social investments across health, medicine, education, economic development, and social justice.
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