Coupang chairman to sell 15 mil. shares in company, donate 2 mil.
Chairman and founder of Coupang Kim Bom / AP-Yonhap
Kim Bom, chairman and founder of Korean e-commerce giant Coupang, will unload 15 million shares in the company, while donating 2 million other shares to charity, company officials said Thursday.
Kim will convert his Class B stocks in Coupang, which hold 29 voting rights per share, to Class A common stocks and sell up to 15 million shares, according to the officials.
The shares will account for some 9.7 percent of the total 174.8 million Class B shares Kim currently holds.
The sell-off will start next week at the New York Stock Exchange to be completed by Aug. 29, 2025.
It will mark Kim's first sell-off of Coupang's shares since the company was listed on Wall Street in 2021.
The value of the combined sell-off is expected to surpass 500 billion won ($357.9 million) based on the latest closing price of $24 per share and a dollar-won exchange rate of 1,400 won.
The shares to be sold will be used for financial purposes, including tax payments, while the 2 million shares will be donated to unspecified charities, according to the company.
Coupang said Kim will still continue to hold the status as the company's biggest shareholder with some 157.8 million Class B shares after the planned sell-off and he has no further plans to unload stocks. (Yonhap)