Chairman and founder of Coupang Kim Bom / Courtesy of Coupang
Kim Bom, chairman and founder of Korean e-commerce giant Coupang, has sold 15 million shares in the company to cash in some $344.6 million to use for financial purposes, company officials said Thursday.
Kim converted his Class B stocks in Coupang, which hold 29 voting rights per share, to Class A common stocks and unloaded 15 million shares on Monday (U.S. time), according to the officials. Coupang is listed on the New York Stock Exchange.
The sell-off has been made at $22.97 per share.
The proceeds from the sell-off will be used for financial purposes, including tax payments, the company explained in its filing to the U.S. Securities and Exchange Commission.
Separately, Kim also sold 2 million Class A shares to donate to an unspecified charity.
This marks the first time Kim has sold Coupang shares since the company was listed on Wall Street in 2021.
Following the sell-off, Kim's ownership of Coupang's Class B stocks decreased from 174.8 million shares to 157.8 million shares, which account for 73.7 percent of voting rights.
Coupang said Kim will still continue to hold the status as the company's biggest shareholder as he has no further plans to sell additional stocks, at least until next year. (Yonhap)
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