Bill Ackman, founder and CEO of Pershing Square Capital Management.
Cameron Costa | CNBC
Billionaire investor Bill Ackman said on Monday that he had donated his entire stake in Coupang – worth more than $ 1 billion – to charity following the South Korean e-commerce venture last week.
Ackman, who manages the Pershing Square Capital Management hedge fund, invested his personal money as early support for Coupang, CNBC reported for the first time last Thursday on the firm’s NYSE debut.
Coupang, often referred to as the Amazon of South Korea, nearly doubled its shares during its first trading day, before closing more than 40% higher. The stock rose about 5% to $ 51 on Monday, valuing Ackman’s gifted 26.5 million shares at more than $ 1.3 billion.
Ackman said in a tweet on Monday that he is a ‘day one investor’ in Coupang, which was founded in 2010 by CEO Bom Kim. Ackman said the incredible success of the company in Seoul will now benefit humanity.
Ackman said the money (the details of which were not released) went to three charities, including his own Pershing Square Foundation.
According to its website, the PSF has allocated more than $ 400 million to ‘grants and social investments in a number of areas, including health and medicine, education, economic development and social justice’.
Ackman did not identify by name the two other entities receiving his Coupang shares, but only mentioned a ‘DAF’, or a donor-advised fund, and another non-profit fund.
“Many thanks to Bom and the Coupang team on behalf of us all!” Ackman also wrote.
Coupang raised $ 4.6 billion last week in the initial public offering, the largest so far this year in the US. The company was ranked second on CNBC’s Disruptor 50 list last year.