Billionaire investor Bill Ackman said Monday he donated his entire stake in Coupang — worth more than $1 billion — to charity following the South Korean e-commerce company’s IPO last week.
Ackman, who runs the Pershing Square Capital Management hedge fund, invested his personal money as an early backer of Coupang, CNBC first reported last Thursday on the firm’s NYSE debut.
Coupang, often called the Amazon of South Korea, saw its shares nearly double during its first trading day, before closing over 40% higher. The stock was up around 5% to $51 on Monday, valuing Ackman’s gifted 26.5 million shares at more than $1.3 billion.
