Invoice Ackman donates his greater than $1 billion Coupang stake to charity

Billionaire investor Invoice Ackman stated Monday he donated his total stake in Coupang — value greater than $1 billion — to charity following the South Korean e-commerce firm’s IPO final week.

Ackman, who runs the Pershing Sq. Capital Administration hedge fund, invested his private cash as an early backer of Coupang, CNBC first reported final Thursday on the agency’s NYSE debut.

Coupang, usually known as the Amazon of South Korea, noticed its shares practically double throughout its first buying and selling day, earlier than closing over 40% larger. The inventory was up round 5% to $51 on Monday, valuing Ackman’s gifted 26.5 million shares at greater than $1.three billion.

In a tweet Monday, Ackman stated he was a “day one investor” in Coupang, which was based in 2010 by CEO Bom Kim. Ackman stated the Seoul-based firm’s “unbelievable success” will now “profit humanity.”

Ackman stated the cash — the breakdown of which was not disclosed — to a few charitable organizations together with his personal Pershing Sq. Basis.

Based on its web site, the PSF has dedicated over $400 million in “grants and social investments throughout quite a few fields, together with well being and medication, training, financial growth and social justice.”

Ackman didn’t determine by identify the 2 different entities receiving his Coupang shares, calling them solely a “DAF,” or donor-advised fund, and “one other non-profit.”

“Thanks to Bom and the Coupang staff on behalf of all of us!” Ackman additionally wrote.

Coupang raised $4.6 billion in its preliminary public providing final week, the biggest up to now this yr within the U.S. The corporate ranked No. 2 on CNBC’s Disruptor 50 record final yr.