SoftBank's Masayoshi Son Sells 2 Trillion Won Worth of Coupang Shares... 9% of Holdings

[Asia Economy Reporter Kim Bo-kyung] The Vision Fund of Japan's SoftBank Group, led by Chairman Masayoshi Son, has sold $1.69 billion (approximately 1.9886 trillion KRW) worth of Coupang shares it held.

According to a report filed with the U.S. Securities and Exchange Commission (SEC) on the 16th (local time), the Vision Fund sold 57 million Coupang Class A shares at $29.685 per share on the 14th.

This represents about 9% of the Coupang shares held by SoftBank. After the sale, the remaining Coupang shares held amount to 568,156,413 shares.

Regarding SoftBank's current stake in Coupang, Coupang stated that it "cannot disclose" the information.

Coupang was listed on the New York Stock Exchange (NYSE) in the United States last March. The opening price on the first day of listing was $63.5 per share, but it has since fallen below $30.

SoftBank reportedly invested $3 billion each in 2015 and 2018, holding a 37% stake based on Class A shares after Coupang's initial public offering.